 |
|||||
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| HELOC/2nd MORTGAGE LOANS |
E-ZQual Mortgage proudly provides both HELOCS (home equity lines of credit) and closed end 2nd mortgages. Apply Now 2nd Mortgages and/or HELOCS- Home Equity Lines of Credit, are taken for various reasons. Typically, borrowers will obtain a 2nd mortgage to purchase a home, consolidate debt, make home improvements, purchase a vehicle, or to obtain some of their home’s equity in cash form. Closed end 2nd mortgages are those that have fixed terms (rate & payment) and are pre-determined to be paid off on a specific date. Most closed-end 2nd mortgages are available on a 10yr ,15yr , or 20 yr term. In some cases, a closed-end 2nd mortgage may be available on a 30/15 (30yr due in 15yr term) which means the payments are based on a 30yr amortization schedule, but the balance of the loan is due in full at the end of 15yrs- this type of term is known as a “balloon”. Home Equity Lines of Credit (HELOC) are 2nd mortgages that allow the borrower to use the funds available to them at their own discretion. For instance, if a borrower has a HELOC of $35,000. but only uses $5,000 to consolidate credit card bills, then the borrower still has $30,000 at their disposal- although he/she is not required to use those funds. An advantage of having a HELOC is that the monthly payment is based on the amount owed. In other words, if a borrower has a HELOC for $35,000 but has only used $5,000 – the monthly payment will be based on $5,000 or whatever the current balance is. 
|