Get Your Home's Equity Working For YOU!

Countywide Financial can help tap into your home’s equity with a Home Equity Line of Credit (HELOC), a Home Equity Loan or even a Second Mortgage. Here are some of the many advantages to using your home’s equity:

• Reduce monthly payments by consolidating debts on credit cards and other consumer loans, lowering the interest rate, and exchanging compound interest for simple
  
• Reduce your tax burden by exchanging nondeductible interest (such as interest on credit cards and car loans) for loan interest that may be fully tax deductible (see your tax advisor for complete details) interest.
  
• Get better terms on a home purchase or refinance loan by using home equity as part of your down payment
  
• Get ready cash for investment opportunities, unexpected purchases or emergencies as they come up (lines of credit only).
  

Take cash for a specific reason, such as remodeling, college tuition, a new car, or a vacation

Home Equity Line Of Credit (HELOC):

A home equity line is a revolving credit loan that works like a credit card by allowing you to borrow against equity in your home. You are allowed to borrow up to a certain amount for the life of the loan -- a time limit set by the lender. During that time you can withdraw money as you need it. As you pay off the principal, your credit revolves and you can use it again. Credit lines have a variable interest rate that fluctuates over the life of the loan. Payments will vary depending on the interest rate and how much credit you have used. Home equity lines of credit typically are a good deal for those who want a lower up front rate and access to money at unpredictable times.

Home Equity Loan:
A home equity loan is a loan that allows you to borrow against the equity in your home. A home equity loan, sometimes called a term loan because unlike a home equity line of credit (HELOC), a home equity loan is a one-time lump sum that is paid off over a set amount of time, with a fixed interest rate and the same payments each month. Once you get the money, you cannot borrow further from the loan. Home equity loans are better suited to those who need a specific amount of money and payment stability.

Second Mortgage:
Similar to a home equity loan, except there is no equity required for a second mortgage loans. You can get up to 125% of value on second mortgages. A second mortgage is a fixed rate, simple interest loan which is placed in second position on the property title and does not change the terms of your existing first mortgage. A second mortgage can be a good solution to consolidate your bills. This loan allows you to pay off all of your credit cards, consumer loans, and other bills, combining those outstanding balances into one low monthly payment. You can also get cash out to use as you wish and still have a lower total payment.

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