Home Equity Line of Credit (HELOC)

If you need to borrow money to pay off debts or make a major purchase, a home equity line of credit (HELOC) can be useful. A HELOC is a form of revolving credit secured by the equity in your home. This is an open ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The interest rate can fluctuate (even monthly) and is typically tied to the prime rate.


When you take out a HELOC, you could pay for many of the same expenses as when you financed your original mortgage, such as an application fee, title search, appraisal, attorneys' fees, and points (a percentage of the amount you borrow).

 

Most HELOCs have a period (5, 10, even 20 years) during which you can borrow money. Typically, you will use special checks or a credit card to draw on your line. You will be required to make a minimum payment each month – usually the interest that accrued during the draw period. However, the interest you pay is usually tax deductible, but always check with your CPA about that. At the end of your "draw period," you will be required to repay or amortize the remaining balance of the loan, making monthly payments on the principal and interest.

Basic Pre-Approval

Get the Best Mortgage Rate!

Tell us a little about your current needs and we can use that
information to match you with just the right loan.
 
Tell us about your loan needs.
*Reason for loan (purch, refi, cash out):
*Value of property:
*Type of property:
*Amount you need to borrow:
Type of loan wanted (30 Yr, 15 Yr, ARM, Int. Only):

How can we get in touch with you?
*Name:
*Email:
Phone:
Address:
City:
*State:

Tell us about your credit history.
*Credit History (Excellent, Good, Average, Poor):

Note: Fields with an * are required

MA Mortgage Lender/Broker License #MC2011; Licensed by the NH Banking Dept       Mortgage Loan Originator ID 40080

 

 

313 Washington St Suite 302 Newton, MA 02458
Phone: Cell: Fax:

Contact Us | Tell a Friend | News | Home | Loan App Checklist | Your Down Payment | Site Map | Loan Application | The Loan Process | Maximum Mortgage Calc | Mortgage Calculators | Mistakes on Your Report | Buyer Don'ts | Home Equity Lines of Credit | Are You Pre-Approved? | Home Price Index

Copyright © 2010 Prospect Mortgage
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Admin LoginTerms of UseSite Map



 
State:
County:
City:
Zip: