A first or second mortgage Home Equity Line of Credit (HELOC) is one of the most flexible tools in any loan officer’s product tool box, and is often the most overlooked. Let’s face it, stricter underwriting and greater regulations have eliminated our most creative tools, leaving us with very limited ways to structure and close a difficult loan. Most of us are so focused on closing first mortgages and making sure we know the ins and outs of AllRegs that we sometimes overlook how the humble Home Equity Line of Credit (HELOC)can help us structure a better deal for our client or save a loan that we were ready to deny.
Finance Factors’ HELOC is an interest-only line of credit for investors and owner occupants and features a low 2-year introductory rate and our well-known flexible underwriting. We pay you 0.50% on the HELOC line amount. This is not passed on to borrower, so it’s a win-win for both you and your client.
Get LOWER Payments.
Interest-only payments are significantly lower, than comparable amortized payments, and just may save the day if you are struggling with a tight DTI ratio.
Save Time AND Money.
Use the Tax Assessment Value (TAV) in lieu of an appraisal.
In most instances we can use a borrower’s TAV in lieu of an appraisal for refinances.
A Cash Out That’s E-Z
Investor cash-out loans can carry a hefty pricing add-on and can be a big deterrent to a borrower when they refinance, especially if the cash-out portion is relatively small. Consider doing a rate and term refinance first, then having the borrower apply for a HELOC.
Get a LARGER HELOC.
Cross-collateralize more than one property.
Because Finance Factors is one of the very few companies that will secure multiple properties on a single loan, your client can get a much larger line by using two or more properties as collateral.
Competitive PRICING that Benefits YOU
Using Prime Rate pricing, we keep our rates low, and we pay you 0.50% on the HELOC line amount. This is not passed on to borrower, so everybody benefits. See for yourself!
Bigger IS better.
Get a HELOC up to $500,000 without an exception. Need more? Call to discuss requests above $500,000.
