Home Equity Line of Credit
A home equity line of credit (HELOC) is a type of home loan that allows homeowners borrow money against the equity they’ve stored in their homes. Instead of borrowed a fixed dollar amount, a HELOC has a maximum draw similar to a credit card. These loans have:
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Line of Credits up to 89.99% of the value of your house
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Loan amounts up to 500,000
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Credit scores down to 680
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No early termination fee
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No draw required at closing
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75.00 annual maintenance fee
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30 year Term; first 10 years interest only draw period/20 year repayment penalty