Home Equity Options

Countrywide Bank’s Full Spectrum Lending Division offers a range of home equity loan options, including home equity line of credit, home improvement loans (i.e. fixed rate seconds) and cash-out refinance options that borrowers can use for home improvement. What's more, our Loan Consultants offer hands-on assistance to evaluate the advantages of one home equity loan option over another.

The table below gives you a quick overview of the potential benefits of our home equity loan and line of credit plans. Many of our clients use these options as home improvement loans, which in turn often adds to the value of their properties.

Loan Program	Reasons to Choose	Key Feature
Home Equity Loan	You want the entire loan balance at once and a fixed rate.	Principal and interest payment remains the same over the life of the loan.
Home Equity Line of Credit	You want to be able to borrow money as you need it - up to the credit limit.	Low start rate, then variable monthly rate based on outstanding balance.
Combining Home Equity Loans or Lines of Credit With First Mortgages	You want to: Use it for a down payment Avoid paying mortgage insurance Avoid jumbo (non - conforming) home loan pricing	Can provide additional tax advantages (ask your tax advisor) and is available on most loan programs.
Super Streamline Home Equity Line of Credit	You recently took out a home loan with Countrywide and may want to: Consolidate credit cards Decorate your new home Prepare for future needs	Same Home Equity Line of Credit benefits. Skip most of the paperwork and have the cash as you need in no time at all if your job and financial situation haven't changed significantly since we closed your recent loan. Some restrictions apply.

Since a home equity loan is a secured loan, with the equity in your house being used as collateral, the interest rates can be quite a bit lower than for unsecured loans, such as credit cards. Sometimes called a second mortgage, in most cases home equity loan interest is tax deductible because the debt is secured by your home. Speak to your tax advisor to learn more about deductions.

Home Equity Lines of Credit (HELOCs) are a type of home equity loan that can range from as little as $7,000 to $1,000,000. HELOCs are essentially revolving lines of credit, meaning the homeowner can borrow funds as they are needed during the draw period. HELOCs are often used for home improvements, education or medical expenses. These lines of credit typically offer credit limits comfortably below the appraised value of your home.

Learn more about the differences between a HELOC vs. a home equity loan.

Need Help Deciding What Home Equity Loan is Right for You?

Don't hesitate – give Countrywide a call at 1-800-909-8217 if you have any other questions about home equity loans, HELOCs or home improvement loan options. Our experienced Home Loan Consultants are here to help you find the loan suited for your profile and lending needs!