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Need some cash? Home Equity Lines are the
best loans for you.
A home equity loan is a second mortgage on
your home. Home equity loans are a very powerful
tax-deductible financial tool. Since home
equity credit is a type of mortgage, it shares
lower interest rates and the tax advantages of
mortgages. You can borrow up to $100,000 of your
available home equity for virtually any purpose,
and, in most cases, 100% of the interest paid
each year is tax deductible.
When to apply for a home equity loan?
A home equity loan is a serious move because
it is a second mortgage on your home. If you are
seeking to pay off credit card bills, car payments,
or college tuitions, you have good reasons to
seek a home equity loan.
The best part about equity loans is that you can
now borrow up to 100% of your home's equity and,
in some situations, up to 125%. In the past, equity
loans were usually limited to a total combined
Loan-to-Value (LTV) ratio of 80%. For example,
if your home was worth $100,000, the combined
total of the first mortgage and the home equity
loan (second mortgage) could not exceed 80% of
that value, or $80,000. If the balance on the
first mortgage was $60,000, you could borrow up
to $20,000 on a home equity loan. But at East
West Mortgage Company, we are now offering loan
programs that allow you to borrow up to 125% of
your home's equity (value).
Apply for this loan
today!
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