E&E Mortgage Bankers Corp is a boutique lender with multiple options and resources to help close even the most challenging loans. If you’ve been turned down by others, we have the key relationships with the right investors to push your loan through to close. Buying a property tends to represent the single largest investment most of us ever make. It is, therefore vital to secure the best financing available. Every borrower has different needs, every property is unique and ever lender has their own rules and programs. E&E Mortgage Bankers Corp uses the latest technology to offer you a wide range of mortgage programs. Weather you have perfect credit or less than perfect credit, whether you are purchasing or refinancing, E&E Mortgage Bankers has program tailored to meet your individual needs.
Home Equity Line Of Credit (HELOC):
Looking for a loan for your property? Weather you’re looking to purchase a new home or refinance your existing one. E&E Mortgage Bankers Corp has the perfect loan for you. Our friendly and experienced staff will qualify you and answer all your questions and help you find a loan that fits and tailored to your needs which fits you best.
Home Equity Line Of Credit:
A Home equity line of credit is a form of revolving credit in which your home serves as collateral. Because a home often is a consumer’s most valuable asset, many homeowners use home equity credit lines only for major items such as;
and choose not to use them for day to day expenses. The program allows you to access cash much like a credit card, but with out the high interest! Open a credit line using the equity in your home and use the money whenever you need for what ever you need.
With a home equity line, you will be approved for a specific amount of credit. Many lenders set the credit limit on a home equity line by taking a percentage close to 75% of the home’s appraised value and subtracting that from the balance owed on the existing mortgage. For Example:
Appraised Home Value
Percentage Of Appraised Value
Less Balance owed on Mortgage
Potential Line Of Credit
In determining your actual credit limit, our lender will also consider your ability to repay the loan which is (Principal and Interest) by reviewing your income, debts, and other financial obligations as well as your credit history.
Many home equity Loans set a fixed period during the term which you can borrow money, such as 10 years. At the end of this “Draw Period,” you may be allowed to renew the credit line. If your loan does not allow renewals, you will not be able to borrow additional money one the period has come to an end. Some plan may call for payment in full of any outstanding balance at the end of the loan period.
Once approved for a home equity line of credit, you will most likely be able to borrow up to your credit limit whenever you need to, by using special checks to draw on your line or use credit card or other means to draw on the line. There may be other limitations on how you use the credit line. Some plans may require you to borrow a minimum amount eat time you draw on the credit line or keep a minimum amount outstanding or may require that you take an initial advance when the credit line is set up. Home equity lines of credit typically involve variable rather than fixed interest rates which are based on a publicly available index, mirroring changes in the value of the index plus a margin percentage points.
Contact E&E Mortgage Bankers Corp for a complementary assessment of your existing home.