Home Equity Line Of Credit (HELOC)

A home equity line of credit works similarly to a credit card, because you have access to credit as you need it. With this type of home equity borrowing, your credit limit is fixed at a certain amount, and you can access funds up to that amount during the draw period. Each time you borrow money, the amount you borrow is subtracted from how much is available, until you pay it back. After you have repaid the sum borrowed, you are free to use it again. This is a revolving line of credit.

Features:

• Borrowers may access the cash they need when they need it during the draw period

• Through the duration of the draw period (5 or 10 years), the minimum payment is interest only

• While in the draw period, the available credit may be used over and over again as long as the balance on the HELOC is paid down – this is known as a revolving line of credit

• When payments to principal are made, reduction in the monthly payment during the draw period may be possible

• The interest paid may be tax deductible (see your tax advisor)

• Backed by the borrower's home equity

• Loans up to $1,000,000 (depending on qualifications)

What Are The Benefits Of A HELOC?

Home equity loans are usually one of the easiest ways to borrow large amounts of money affordably, as the home is used to secure the loan. While HELOCs may function like credit cards, the good news for borrowers is that the interest rates are generally much lower. Moreover, the interest on this type of loan is usually tax deductible, meaning that you may not only potentially save money monthly, with lower interest rates and payments, but probably also at tax time. Consult your tax advisor to learn what tax advantages you might enjoy with a home equity loan or HELOC.

Can I Qualify For A HELOC if I have Bad Credit?

A home equity line of credit from Countrywide Bank’s Full Spectrum Lending Division could be within your reach, even if you have been turned down by other lenders. Thanks to our unique approach to serving customers—even those with hard-to-handle debt or less-than-perfect credit may have options. You might even qualify for a prime loan. So, if you've been told you have "bad credit," don't let another lender's lack of flexibility or inability to offer a full spectrum of loan options rob you of hope. Our Loan Consultants are eager to help you get ahead with the right loan to help improve your financial situation. Call today at 1-800-909-8217.

Apply For A Home Equity Line Of Credit Today!

With a HELOC, you may be able to better afford to pay for those little extras you've always wanted. With affordable rates and payments, a home equity line of credit will allow you to take a vacation, pay college tuition or simply have access to cash when you need it.