Home Equity Line of Credit (HELOC)
Home Equity Line of Credit is a type of credit that enables you to tap into funds at a much lower rate than credit cards or personal loans. With HELOC your home acts as a collateral. Basically, as you pay off your mortgage your home equity rises and then that equity is used to secure your loan.
This home equity line of credit is somewhat similar to a second mortgage or a credit card but with better rewards. Since your home is the collateral that ensures that you pay off the loan, you are able to get an amazingly low rate.
When it comes to making payments for the loan, the process is pretty much the same as like with a credit card. You need to make at least a minimum payment on a monthly basis and the only interest charges are on the money that you take out.
Contact us at 1-855-SAN RATE (726-7283) or Online to discuss getting your mortgage!
Alternate/Private LEnding Fixed Interest rate starting from 2.69% with Interest Only or Amortized payments with amortization up to 40 years and term up to 3 years. We specialize in alternative lending for purchase or refinance of residential, commercial properties, land development, new construction or renovation and to clients with impaired credits or clients that experienced difficulty obtaining financing from traditional lenders (self-employment, new immigrant, non-resident).