Loans To Help You Remodel Your House From Countrywide

Refinance Loan

Home Equity Loan

Home Equity Line of Credit

How it works:

• Replaces existing mortgage with a new one, for more than you currently owe

• The surplus is received as cash back

• Borrow up to 90% of the appraised value

• Interest may be tax deductible

How it works:

• Also known as a second mortgage

• Borrow against available home equity

• Offers fixed payments

• Interest may be tax deductible

How it works:

• Cross between home equity loan and credit card

• Has a “draw” period during which you may borrow against the credit line

• Interest may be tax deductible

Reasons to Consider:

• Your home value has appreciated and you have sufficient home equity

• You have a large remodeling project

• Payments can be spread over a longer period of time (up to 30 or even 40 years)

Reasons to Consider:

• Have a small-to-medium sized project

• Need more than 10 years to pay back

• Access the money you need in one lump sum

Reasons to Consider:

• Allows you to borrow only what you need and when you need it

• You only pay interest during the draw period on what you borrow

• Remodel expenses will be spread over time (typical repayment is 15 years after draw period expires)