www.centralmdmortgage.com - Home Equity Line Of Credit

HOME EQUITY LINE OF CREDIT

This is a revolving line of credit, similar to a credit card, but secured by your home as a 2nd mortgage. You are approved for a maximum dollar credit limit, and given a check book to access the line as you need it. You are billed monthly based on your current outstanding balance. Payments are typically calculated at 1% of the outstanding balance if you want to pay interest only, and not pay anything toward principal, or 1 ½% of the balance, if you want to reduce the outstanding balance. If you choose to pay principal as well as interest, your monthly payment will drop as your balance goes down. The credit line stays open for 15 to 20 years, and you can use it any time you like, as long as there is a credit balance available. Rates vary according to how much you have borrowed, and how high the combined loan amounts of your first and second mortgages are in relation to the appraised value of your home. Rates start as low as Prime minus ½ %, and go up from there, as your loan to value approached 90% to 100% of the appraised value of your home. These loans are available with no closing costs. Click here to apply online.

FIXED EQUITY LOANS

This type of loan would give you a one-time lump payment in the amount you requested at settlement, with no further advances. Terms range from 5 to 20 years, with fixed monthly payments. The loans are available with no closing costs. Click here to apply online.