YourEquity.com

Loan Summary and Benefits

SUMMARY For the New Homeowner As a new home owner, or as someone who placed less than 20% down on their home purchase, you can borrow the full amount of your equity by applying for the "100%LTV" Home Equity Line of Credit. The "100%LTV" Equity Line of Credit can turn your new home purchase into your personal dream home. Here's how: modernize your kitchen purchase new appliances redesign the family room finish some major repairs And while you're at it— consoidate your bills pay off moving expenses you decide: _________________

 

Your "100%LTV" Home Equity Line of Credit is the right tool for new home owners. It allows you the financing power to improve your home with the least cost and maximum return. Simply advance yourself funds by writing a check. You will pay interest only on the amount you borrow, which interest cost may be deducted from your taxes if you qualify. Consult your tax advisor for information. You can use your home equity line whenever you need. It's like becoming your own banker. Simply advance the funds you need ... when you need ... as you need.

 

BENEFITS get a line of credit: open a line of credit up to your approved LTV level — calculate how much you can borrow anytime access: access your account as you need . . . when you need payment flexibility: pay minimum monthly payments or any additional amount when you have extra cash re-use the line as needed: pay down the account to zero with no prepayment charges and reuse the line over again up to your approved available balance tax benefits: deduct interest charges from your taxes if you qualify — view your effective tax rate savings competitive rates: get competitive adjustable rates as low as the PRIME RATE — see our rate page for information benefits can vary: benefits may vary by lending institution: view our summary notes of product features and terms

 

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Getting 100%LTV

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.

For example:

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.

Calculate your own LTV percentage value

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.

Note: The recommended product, term and use are listed as illustrative purposes on how you might use the equity in your home. Please note that your circumstances may be different and that the recommended product, term and use may not fit your particular need.

YourEquity.com is not a lender. Therefore, we cannot quote rates or guarantee best terms. We refer applicants interested in getting a lending quote to Secure Rights, a licensed mortgage broker representing multiple home equity lenders.