Home Equity Line Of Credit

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

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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:

It’s a flexible loan
Use the money for home renovations or as startup capital for a new business venture
Fund your child’s education
Consolidate other high-interest debts
Don’t pay interest right away
Open-ended loans, access or withdraw funds as you need them
Pay of your expenses and borrow again
Make payments on your principal amount at your leisure

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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Why You Should Choose AKAL Mortgages Inc.

Borrowers

When we say YES! We stand behind our promise
Mortgage solutions based on your needs and qualifications
Fast approvals and quick closings
Save time and money
Lower mortgage rates due to lender discounts and promotions
Licensed, knowledgeable and experienced
Protect your credit score

Brokers

The Most Important: Dedication to our agents!
Bootcamp-3-days: Learn Lead Generation, Products and Underwriting
Training: Weekly training and industry updates, One on one support
Mentoring: Specialize in Residential, Business and Commercial
Lead Generation: Proven successful campaigns to generate leads
Personal website; mobile Apps; online virtual meetings, e-signatures
Lenders: VIP access to more lenders and top tier compensation
Professional office (at no cost to you): Meet your clients at the office

FAQ

Frequently Asked Questions

How Much Can I Borrow?

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.

What Home Equity Borrowing Options Are Available?

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.

What Is Home Equity Borrowing?

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.