MORTGAGE PROGRAMS

HOME EQUITY LOAN (HEL)

The Home Equity Loan (HEL) is a Second Mortgage Loan that allows home owners to borrow against the equity in their property. Home equity loans usually have fixed interest rates and fixed payment amounts. The interest as well as the principle is included in the monthly payments and the loan is fully amortized.

Benefits of Home Equity Loan:

Fixed payments,
Interest may be tax deductible

Warning for Home Equity Loan:

Higher rates than on 1st mortgages,
Harder to refinancing your first mortgage.

Who should consider a Home Equity Loan:

Owners who need cash to pay off other debts, to pay for education, to avoid Jumbo Mortgage Loans or to get qualification for the first mortgage easier.

Another type of Second Mortgage Loan is the Home Equity Line Of Credit (HELOC).

Mortgage Programs

FHA Mortgage Loan

VA Mortgage Loan

RHS Mortgage Loan

30-Year Fixed Rate Mortgage

15-Year Fixed Rate Mortgage

Buy Down Mortgage

Balloon Mortgage

Graduated Payment Mortgage

Negative Amortization Loan

Adjustable Rate Mortgage

Convertible Adjustable Loan

Hybrid ARM Loan

Home Equity Loan

Home Equity Line of Credit

Reverse Mortgage

Jumbo Mortgage

Imperfect Credit Mortgage

Foreign National Mortgage


SouthFloridaLender.com and its contents are provided for informational purposes only and should not be construed as a legal or financial advice, or as formation of a broker and client relationship. As the mortgage market continually changes, the information provided can be either outdated or not suitable to your specific financial situation. For this reason, we strongly suggest to consult a mortgage broker, in the person, and discuss your specific needs.
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