Intro to HELOCs and HELOANs
West Capital Lending knows certain mortgages can be tricky, and second mortgages and HELOCs are often the trickiest. When is it beneficial to take out money to save and make money, and when will that actually lose you money in the long run? Don’t stress about finding and trying to understand the answers online, call one of our trusted loan officers who will walk you through the pros and cons to see if this is a great option for you, or steer you towards the right one if not. We have your back.
To learn more about Conventional loans call (855) 620-0238
What is a HELOC or HELOAN?
A HELOC is a second mortgage that allows you to borrow large sums of money by using your house as a line of credit.
Be sure to talk to one of our trusted Loan Officers to ensure the use of the loan will offset these repayments and make for the best financial decision for your financial future.
A HELOC has:
- The ability to borrow large sums of money
- No specification on what that money is used for
- Benefits when trying to consolidate debt at low interest rates
Is a HELOC or HELOAN right for you?
Requirements to keep in mind when considering a Home Equity Line of Credit:
- Credit scores over 680
- You must hold at least 15-20% equity in your home
- Proof of reliable income
- Low debt-to-income ratios