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..