Commerce Mortgage Professional Group & Millenium Realty Group, INC

EXPERIENCE* PROFESSIONALISM *INTEGRITY

Home
About Us
Loan Products
Purchase
Refinance
Home Equity
Loan Process
Definition of Documents
B2B Referral Program
FAQ
Contact Us
Rent Vs. Own
Espanol
Home Equity Loan (HELOC's) 

 

Home Equity Loans and Home Equity Line of Credits (also known as HELOC's) are fixed or variable interest rate solutions for getting cash out of available equity in your home. Your home equity is the difference between what you owe on your mortgage and the market value of your home. You build when you repay mortgage principal or when your home’s value increases.   This equity could be used for any purpose such as making home improvements, consolidate debt, vacations, or unexpected expenses. Both offer a number of advantages over other types of financing, including:

  • Interest savings.  Home equity loans and lines typically have much lower interest rates than other types of financing, such as credit cards and personal loans.

  • Tax benefits. The interest you pay on a home equity loan or line is usually tax-deductible. 

 

 LOAN APPLICATION

 

 

 

Home Equity Loan vs. Lines of Credit

 

Financing Major Expenses

 

If you’re making a major purchase, home equity financing may be a more practical way to pay for it than using cash, credit cards, or other types of financing. You might consider a home equity loan or line of credit for:

  • Improving your home. Not only can improving your home make it more appealing for you to live in, but it may make it more valuable as well.  The increased value of your home after renovation may be enough to offset the cost of the project. 

  • A second home.  If you’re in the market for a vacation or investment home, the equity in your current home can be a good source of down payment and closing funds for your purchase.

  • Education.  A home equity line of credit gives you the flexibility to pay for tuition, room and board, books, and all the other costs of putting your kids through school.

  • Big events.  Life is full of big events with big price tags.  Whether you’re looking forward to a wedding, a new baby, or a family trip to Hawaii, home equity financing can make paying for them easier.

 

 

Consolidating Debt  

 

If you are overextended with credit and living month-to-month, debt consolidation might make your payments more manageable. 

By using a home equity loan to pay off multiple credit accounts, you can take advantage of three valuable benefits:

 

  •  Simplicity.  Instead of a steady stream of bills in the mail — each with a different payment amount and due-date — you receive a single statement each month. 

  • Lower payments.  Because they are secured by your home, home loans generally carry lower rates than most other types of credit.  That means you’ll have lower monthly payments and a chance to put money into savings.

  • Improving credit.  Simplifying your debt situation and reducing your monthly obligations can make it easier to keep up with payments.  A solid payment record on your home equity account is a great way to give your credit a boost.  

 

 


Supporting Documents

 When sending your application, please include the following documents:

 

1. Your Two (2) Most Recent Pay stubs

2. Your 2004 & 2005 W-2’s Forms

3. Most Recent Bank Statements and/or Other Source of Assets To Show Reserves (i.e: 401 k).

4. Name, Telephone Number, Person of Contact, and Address of Employer.

5. Statement / Coupon from your Current Mortgage

6. Owner’s Policy-Title Insurance Policy

7. Current Homeowner Insurance Declaration Page

8. Survey of Property

9. Copy o Driver’s License 

10. Copy of Green Card if Applicable.