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Home equity loans with no equity?
Your property is eligible for a home equity loan, even if the balance on your
first mortgage is the same as the value of your home. We have home equity loans that will go up to 125% of your
property value, less the balance of the first mortgage.
What are the tax benefits?
The interest portion of your home equity loan can be tax deductible, similar
to the deduction for your first mortgage. Your tax savings can be substantial, especially when compared to credit
card or other non-deductible loan payments. Convert interest payments into a tax deduction.
Eliminate compound interest loans.
Your home equity loan will be based on simple interest calculated on an annual
basis. In contrast, your revolving accounts charge compound interest, calculated on a daily basis, which means
that your paying interest on the interest that accumulates daily! The effect of compound interest payments, means
you actually pay up to 3 times more than a simple interest loan.
What are the loan terms?
Your home equity loan will be a fully amortized, fixed rate second mortgage,
with no balloon payment. You may choose a loan amount from $15,000 to $85,000, and a term of 5 to 25 years. You
also have the option of making principal reduction payments at any time.
How can you use the money?
You can use your home equity loan to pay off credit cards, personal loans,
car loans, taxes or any other debts. You can also receive cash for home improvements, furniture, appliances, a
car, a computer, etc.
How do you find out?
There is no cost or obligation to apply. Click below for the easy on-line
application, and receive complete loan details.
* State and Other Restrictions
The Following States Are Not Eligible For Loans: New Jersey, Washington, Maryland, Missouri,
Ohio, Hawaii, Vermont, Texas, Illinois, Kansas, North Carolina & Washington DC.
The following states have a minimum loan amount of $30,000: Iowa, Wisconsin, Michigan, Alaska,
Pennsylvania & Tennessee. All other states have a $15,000 minimum
loan amount.
Owner occupied homes only. No mobilehomes. Minimum 3 year history for self
employment income. If you currently have a second mortgage, it must be included in the pay offs with the new second
mortgage. Certain restrictions apply to cash out.
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