Akal Mortgages

Home Equity Line Of Credit

Get access up to 65% of the equity in your home

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    Min $ 300,000

    Min $ 25,000

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    Home Equity Line of Credit?

    A Home Equity Line of Credit (HELOC) is a loan that is solely based on the amount of equity built up in your home. A bank can provide you with an LTV of about 65% only, which is much lower rate than before. AKAL Mortgages Inc. can offer much more. We can get offers up to 80 percent LTV for you.

    Here Are Some Other Reasons to Get a HELOC Mortgage

    Due to the several reasons listed below, a HELOC loan is a very practical financing option:

    Cash-out refinance

    Get a brand new mortgage that is more than your existing mortgage. Use your new mortgage to pay off your existing one, and use the rest of the money for anything you want.

    Home equity loan

    Get a second mortgage and keep your existing mortgage.

    Reverse Mortgages

    If you are a senior, 62 years of age or older, apply for a reverse mortgage to borrow from your home equity.

    Lendevi Expert Advice

    New Down Payment Rules as of February 2016:

    Purchasing your first home can be incredibly exciting, whether you’re doing it on your own, with a new spouse, or with your family. 5% down payment is available for homes up to $500,000 purchase price. Homebuyers will have to put 10% “on the portion” of the price over $500,000.
    For example: On a purchase price of $700,000, minimum down payment will be calculated as below:

    5% on the first $500,000 = $25,000

    10% on the next $200,000 = $20,000

    A total of $25,000 + $20,000 = $45,000

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    FAQ

    Frequently Asked Questions

    If your home equity total value is between 75 and 80 percent of your home’s current market value, then you’ll meet the preference for most lenders. Depending on your credit score and your ability to prove you can afford the monthly payments, the actual amount you may be limited.
    There are four main types home equity borrowing:
    • Cash-out refinance. Get a brand new mortgage that is more than your existing mortgage. Use your new mortgage to pay off your existing one, and use the rest of the money for anything you want.
    • Home equity loan. Get a second mortgage and keep your existing mortgage.
    • HELOC. Keep your existing mortgage, but gain more flexibility through this form of borrowing, when compared to other borrowing options
    • Reverse Mortgages. If you are a senior, 62 years of age or older, apply for a reverse mortgage to borrow from your home equity.
    If you have an okay credit score, and proof of income, you can use the equity acquired in your home to secure a loan to borrow money at a low interest rate, for any reason. A HELOC reduces the risk in the eyes of lenders, since it’s a ‘secure’ loan.