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Home Equity Lines of Credit
Benefits:
- No points
- Low fees
- May be tax deductible
- Easy access to credit line
- Low annual fee to maintain
- No interest is charged until the line is used
Types of Lines:
(A) Owner Occupied Property
- Conventional Home Equity Line
Credit line amounts up to $350,000, 10-year draw and 15-year amortization after draw period, up to 75% property value.
- Equity Plus Line of Credit
No verification of income, credit line amounts up to $350,000, 10-year draw and 15-year amortization after draw period, up to 65% property value.
(B) Non-Owner Occupied Property
- Conventional Home Equity Line
Credit line amounts up to $350,000, 10-year draw and 15-year amortization after draw period, up to 75% property value.
- Equity Plus Line of Credit
No verification of income, credit line amounts up to $350,000, 10-year draw and 15-year amortization after draw period, up to 65% property value.
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