HELOC / Home Equity Line of Credit
The HELOC / Home Equity Line of Credit is a 30 yr product. There is a 5-year interest-only draw period, and 25-year amortization repayment period*. The product has a minimum 75% initial draw. The rate of the product is indexed to Wall Street Journal Prime plus the Margin of the respective borrower based on current pricing matrix. The interest rate can change daily based on Wall Street Journal Prime rate changes. The interest is based on a monthly calculation o average balance drawn by the borrower.
Unless otherwise restricted by state regulation, this product is eligible for origination in all 50 states.
*State exceptions apply. Refer to section titled State Specific Information
HELOAN / Closed End Second (DO NOT OFFER AT THIS TIME)
A HELOAN / Closed End second is a 25 yr fixed rate loan. This loan is fully funded at time of closing and payments are fully amortized on a 300-month payment schedule. This product is not eligible for first lien positions.
Unless otherwise restricted by state regulation, this product is eligible for origination in all 50 states.
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