Universal Lending is pleased to announce that we now offer HELOCs (Home Equity Lines of Credit) through a new partner relationship.
The equity in your home is the difference between the value of the property and the amount you owe your mortgage lender. A HELOC is an open line of credit that lets you borrow against the equity in your home.
HELOCs can be a “piggyback” or “stand-alone.” A piggyback HELOC closes simultaneously with a new purchase or refinance 1st mortgage. A stand-alone HELOC closes independently of an existing 1st mortgage.
Below are some potential benefits and uses for a HELOC.
A piggyback HELOC is a great way to:
- Potentially avoid less favorable, higher balance loan programs
- Potentially avoid mortgage insurance
- Lower monthly payments on 1st mortgage
- Eliminate stress of dropping mortgage insurance based on future property values
- Put equity back in your pocket as you pay down the line of credit.
A stand-alone HELOC can be used for:
- Debt consolidation
- Home improvements
- Recapturing funds used for down payment
- Emergencies such as job loss or large, unanticipated expenses.
If you have any questions about HELOCs or if one can benefit you, please contact us today..
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Published by Universal Lending Home Loans
Universal Lending Corporation was founded over 40 years ago on the principle that our customers deserve individual and specialized attention throughout the mortgage process. We embrace our passion for customer care, and educate and empower each potential home buyer throughout the entire process, so they make informed, considerate decisions that ensure their home mortgages fit their budgets and keep their families financially secure.
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