your equity for: 100%LTV needs
for new home buyers
Use a Home Equity Line of Credit with a 5-10 year draw period - close the line along side your mortgage to fund home improvements
|Loan Type:||home equity line of credit (HELOC)|
|Line Amounts:||at least 80% LTV for best rate: calc your LTV|
|Draw Period:||request a 10-15 year draw period|
|No Restrictions:||request no minimum draw amount and line fees|
|| or dial: 1-877-777-1370|
LTV Stands for: Loan-to-Value
Banks and other lenders extend credit based upon a percentage of the estimated market value of your home.
That percentage of market value minus the amount you owe on your first mortgage (plus any 2nd or 3rd mortgages that you may have) becomes the maximum amount of credit that lenders will give you.
Let's say that your new home purchase has an estimated market value of $150,000.
You placed 20% down at $30,000 and the lender finances $120,000 of your home mortgage. The maximum amount that you can borrow is calculated as follows:
Estimated Market Value: $150,000 $150,000 $150,000 Percentage LTV: 80% 90% 100% Percentage of Market Value: $120,000 $135,000 $150,000 Less Mortgage Debt: $120,000 $120,000 $120,000 Equals Total Equity: $0 $15,000 $30,000
Banks and other lenders generally charge a higher rate of interest for higher percentages of LTV.
Since most new home owners can't borrow at the 80%LTV level (most of their available equity is the down payment), they often view equity products at the 90%-100%LTV level.
They expect to pay a higher rate of interest, but the rate of interest is generally lower than credit card advances and other unsecured loans used for home improvement and other repairs for the home.
Hey!, it looks like you have found the right product to turn your house into a home.
Apply now and let's search for the right lender
or dial toll-free: 1-877-777-1370
Or, if you are considering a home mortgage at the present time, request that your lender bundle a home equity product with your mortgage closing.
Home Equity Uses-Tips