There’s two types of Second Mortgages, HELOC’s or HELOAN’s

What’s the difference between a Home Equity Line of Credit & a Home Equity Loan.

Home Equity Line of Credit (HELOC)

A HELOC is a line of credit that is secured by your home, giving you a revolving credit line up to a certain amount. You only pay interest on the amount you use! Take out as much as 95% of your home equity.

It can be used for large purchases such as renovations, tuition, emergency expenses, and paying off credit cards. Purchase a 2nd home or investment property. Take a dream vacation.
You choose how much (or how little) to use. Lower interest rate compared to other loan options, such as a personal loan Interest-only payment options.

Home Equity Loan (HELOAN)

Similar to a cash out refinance, a home equity loan will provide you with a lump sum of cash; as much as 95% of your home’s equity.

It can be used for renovations, tuition, emergency expenses, pay-off credit cards and after two months, can be used to purchase a 2nd home or investment property. Fixed interest rate and a fixed monthly payment. Lower interest rate compared to other loan options, such as a personal loan. But you pay interest on the entire lump sum amount.

Our home equity process is different:

⦁ The lender may not require a traditional appraisal.
⦁ Unlike most lenders, we can lend up to 95% of your home’s value (assuming you meet the lenders minimum credit score requirements).
⦁ Your funds will be available within 2 to 3 weeks of the initial application, if no full appraisal needed.
⦁ Simple process, minimal docs required
⦁ Fico score as low as 640, up to 70% LTV.
⦁ Second and Investments Home options are available