Equity Lines of Credit:

Remember when the equity lines of credit would just show up at closing with your set of first loan docs and all you had to do was sign for them.  They have been life savers for some lucky people.

Some have had them capped, with no more access to them.

We we now have 3-4 sources that we can use for equity lines.  You can use the remaining equity available to use again.

 The max loan to value is still 80% for now.  Some well qualified may be able to go to 85%, with good reserves, etc. 

Qualify at Prime + Margin + 2.40% on a 30 year amortization.

Floor Rate is 4.2%

Cieling is 18%

75 annual fee. waived 1st year.

10 yr Interest only draw and 20 year repayment.

EQUITY LINES

Prime rate  is 3.25%

The margins are 

.75% - 2.5%

Minimum FICO scores 650

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FIXED RATE 2nds

We have fixed 2nd loans as well. 

 15, 20, and 30 year Terms.