What is an equity line of credit?

[ohiolandlord]

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

[MDECELLO]

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
Ohio # MB.802352
Toll Free 866-997-7283

Find me on the web at http://www.assurancebanc.com

[lilies34]

It is a variation of a home loan, paid as revolving debt that is backed by the portion of the home's value that the borrower owns outright. Interest paid on a home equity line of credit can be used as a deductible. This credit allows the homeowner to write checks against the equity on an ongoing basis to pay for multiple expenses rather than one big sum.

[lonelylady11]

I have checked all the supposed grants lists that you have to purchase and most of the grants available to women owned business are not for start-ups. They appear to be for tools once you are already in business, like money to pay an IT person or accountant if you need it. SBA has a $10,000 microloan that you still have to have good credit to get for a start up but I will need about $30,000 totals. Anyone have this as a specialty or gone through this same situation lately?

[MDECELLO]

Equity Lines are actually very easy to obtained and we work with several Lenders that offer. The process consist of:

* Complete an Application with all of your personal information and amount of credit line you would like to obtain
* The amount of line will be determined by the value of your home minus your current mortgage balance. The larger the line you request the higher your interest rate and the more critical the lender will be of your qualifications.
* Lender will process the application, which includes pulling your credit, and obtaining a pre approval
* Lender may request certain verifications based on strenght of application, loan amount etc....these items may include
* pay stubs and W-2
* Bank Statements and other Assets
* Once final approval is offered you will sign paperwork, similiar to what you signed when you purchased your home. Since the loan is based on the Equity in your home you will have a three day recission period, after which you will get your funds.

The majroity of lenders we work with do not charge a fee to open and equity line. I will be glad to explain further via a phone call or if you would like to apply with Assurance Banc Corp please call me at 614-791-0880.

Thank You
Mark Decello
Owner Assurance Banc Corp