The only fees that will be assosicated with your HELOC will be the interest incurred when funds are borrowed.
Once you complete an application the approval process is relatively easy and takes 3-5 business days.
We offer fixed and adjustable rate HELOC's. For more information call us at 1-877-372-1879
Normally you are not required to have a down payment on an auto loan.
We will loan up to 110% loan to value on our auto loans
If your balance is above $2,000 you're required to have full coverage insurance on the automobile that the loan is for.
An Adjustable Rate Mortgage (ARM) is a loan where the interest rate may change periodically. The interest rate is based on an "index" that may go up or down during the lifetime of the loan. As a result, your monthly payments may also go up or down during the lifetime of the loan. The ARM Note stipulates the frequency and the index for the interest rate and principal and interest adjustments.
There are a number of advantages to an ARM.
Generally, an ARM offers a lower initial interest rate than a fixed-rate loan. With an ARM, you may be able to qualify for a larger amount because the decision is sometimes based on current income and the first year's monthly payments, which will most likely be lower. An ARM can be less expensive than a fixed-rate loan if interest rates remain steady or decline over a long period of time.
One disadvantage to an ARM is that an increase in interest rates will lead to higher monthly payments of principal and interest in the future. Another disadvantage is that the principal and interest payments are not fixed.
You can get a 2nd mortgage so your 1st mortgage is less that 80% LTV (Loan to Value). We will still require that you have a 5% down payment. So you will end up borrowing 80% for your 1st mortgage, 15% for your 2nd mortgage, and you will need 5% for your down payment.
If your monthly mortgage payment includes the amount you pay into your escrow account, your payment will go up if your property taxes and/or insurance increased. An escrow account is a savings account managed by your lender, who uses the funds you pay into the account to pay your property taxes on your behalf.
If your mortgage payment has changed, you will have received a letter in the mail. Be sure to update your payment to a new amount if you make payments online.
See these additional resources for more:
Complete the online application to the best of your ability. Once submitted a lender will contact you to set up an appointment. During this meeting they can help refine any information submitted and answer questions. The application does not assume any obligation.
PMI stands for Private Mortgage Insurance and is only required when the Loan to Value (LTV) is greater than 80%
Example:If the Value of your home is $100,000. You will not have to pay PMI when your loan balance is less than $80,000.
You may access the funds on your HELOC through your checking account. Funds will automatically transfer to your account when the check or debit card transactions post to your account.
You can use your HELOC for many different things such as home improvements, new additions, or even to buy groceries. Your HELOC is attached to your checking account so there is no need to transfer the money as it will automactially do it as you need the additional funds.
Many mortgage lenders hold money in escrow to pay property taxes and insurance. Each month, you pay a portion of the estimated annual costs along with your principal and interest. This way you will have consistent monthly mortgage payments and not have to pay these bills all at one time. At the end of the year, the lender adjusts your monthly escrow amount based on the actual tax and insurance bills. This means your monthly mortgage payment can change slightly from year to year.
Here is a list of our mortgage rates.
We require 5% down payment for 15 or 30 year fixed mortgages. Contact a mortgage specialist for more information.
Your principal balance is not the payoff amount because the interest on your loan is calculated in arrears. For example, when you paid your August payment you actually paid interest for July and principal for August. The payoff amount also includes any escrow adjustments, release fees, and other charges and credits due on the loan.