A Home Equity Line of Credit (HELOC) is a type of loan that allows homeowners to borrow money against the equity in their home. Equity is the difference between the current value of your home and the amount of money you owe on your mortgage.
HELOCs offer several benefits to homeowners. First, they provide access to a flexible source of funding that can be used for a variety of purposes, such as home improvements, debt consolidation, or unexpected expenses. Second, the interest rates on HELOCs are typically lower than other types of loans, such as credit cards or personal loans. Finally, the interest paid on a HELOC may be tax-deductible, which can provide additional savings for homeowners.
At LISA HOME MORTGAGE™, we offer a standalone Home Equity Line of Credit that is available in a 1st or 2nd lien position. Our HELOC program is designed to make the borrowing process fast, easy, and convenient. Clients can complete the entire application process online, saving them time and hassle.
One of the standout features of our program is that the full draw is taken at closing, with no prepayment penalties applied. This means clients can access their entire line of credit right away, without worrying about any fees for paying it off early.
We also offer the flexibility for clients to take re-draws in minimum increments of $500, up to the full line amount. This allows them to borrow only what they need, when they need it, without having to reapply for a new loan.
Additionally, our HELOC program does not require an in-person appraisal, saving clients time and money. We use an automated valuation model (AVM) to determine the value of the home, which streamlines the process and eliminates the need for an appraiser to visit the property.
Overall, our HELOC program provides clients with a convenient and flexible way to access the equity in their home, while also offering competitive rates and no prepayment penalties.
Disclaimer: Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors. Guidelines and mortgage options requirements and are subject to change. This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to: www.nmlsconsumeraccess.org.