Mortgage loans - Renters' question and answer

I'm thinking about getting an equity line of credit but I'm afraid because I'm not sure exactly how it works.

An Equity Line of Credit is most often a 2nd mortgage against your home. Many of our customer have an equity line and although there may be slight variations among Banks and Lenders the majority have these features:

* Majority of the Equity Lines are Open Ended Mortgages. Open Ended simply means once you pay back a portion of what you borrowed you are allowed to draw those funds out again. Call or email and I will explain how this is accomplished.

* The Amount of the Loan can go up to 100% of your home value with most lenders, although they are stringent on credit to get such a line. This simply means if you own a $100,000 home and you owe $80,000 you may qualify for up to $20,000 equity line.

******note: going to 100% of your home value can be risky if you suffer a finacial set back and could result in you paying money to sell your home*****

* Most lines allow you to keep them open even if you do not draw upon them. Having it available is often a good safety net for you if monies are ever needed.

* Closing cost and fees for lines are very low and often Zero Cost options are available. Again, specific terms and fees are based on your individual circumstances.

* Equity Lines often have an annual fee to keep the line available for you for future use, not unlike some credit cards. These range in amounts but $50 is pretty typical.

Applying for an equity line is similiar to any other Mortgage Program with Assurance Banc Corp. You can call or apply on line and wihtin 24 hours we will provide you options and advise on how or if to proceed.

We charge no application fee or up front cost so please feel free to call and discuss.

Mark Decello, Owner, Assurance Banc Corp, Toll Free 866-997-7283

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