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Types of Home Equity options
With our brokered home equity loans, your clients can access up to $750,000 from their home's equity. With a HELOC or HELOAN, your clients have the possibility to fund renovations, pay tuition, cover emergency expenses, consolidate debt or to help with a new home purchase.
A home equity line of credit (HELOC) is a line of credit secured by up to 95% of your client's home equity. They can use their revolving credit line for large purchases.
A home equity loan (HELOAN) provides up to 95% of your client's home equity as a piggyback 2nd mortgage. The HELOAN acts as a second mortgage, to do an 80-10-10 or 80-15-5 with a first mortgage up to 80% loan-to-value to piggyback a second mortgage to avoid mortgage insurance or jumbo loan amounts.
Product highlights
HELOC details:
- Credit scores as low as 680
- Loan amounts up to $750,000
- Up to 95% of the home's equity
- Fixed and adjustable-rate options
HELOAN details:
- Credit scores as low as 620
- Loan amounts up to $500,000
- Up to 95% of the home's equity
- Fixed-rate options
These are brokered loan products. State restrictions and eligibility requirements will apply based on investor guidelines. Please visit the Brokered Loan SharePoint page for all of our options!
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