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Posts Tagged ‘Home Loans’

What’s a HELOC? How Would I Use One?

Monday, October 28th, 2013

We get lots of questions about Home Loans and our resident expert, Mary Beth Geglia will be sharing the answers to some of the most common ones with us on the blog.

What is a Home Equity Line of Credit (HELOC) and what are good uses for it?

A Home Equity Line of Credit is a line of credit against your home. It differs from a Fixed Home Equity loan in that every time you make a payment on the HELOC, the money can be reused. Some examples of when this might be the right kind of loan for your are:

  • A child going away to college when you’ll need to send a different payment amount multiple times per year.
  • When you have multiple purposes for the money and you don’t need all the money at once. For example, putting in a pool one year, a deck the following year, and a vacation the third year.

You can make the payments on one project at reuse the money again when other projects come up. You’re also only making payments on the money you’ve drawn against it, not the entire amount.

The Difference Between a Mortgage and a Home Equity

Friday, October 18th, 2013

We get lots of questions about Home Loans and our resident expert, Mary Beth Geglia will be sharing the answers to some of the most common ones with us on the blog.

What is the difference between a mortgage and a home equity loan?

Mortgages:

  • Are used to purchase a home or investment property only
  • Can be extended for 30 years
  • Closing costs are paid by the borrower
  • Requires a solid credit score to be approved

Home Equities:

  • Can be used for any purchases
  • Has a term of up to 15 years
  • Closing costs are paid by the institution for the borrower (in return they have to keep  the loan with us for a minimum of 3 years and one day)
  • Have more flexibility to get people with less than perfect credit approved
  • Require a lien to be put on your home as collateral

Fixed Rate Home Equity loans would be suggested as a loan to replace an existing loan that currently has a higher interest rate such as paying off credit cards, paying off college loans, repairs to the home or to purchase a rental or vacation property.

If you have other questions about Home Loans leave us a comment and we’ll be sure to answer them!

 

 

Need to pay for repairs or renovations to your home?

Wednesday, October 2nd, 2013

Are you looking to insulate, build an addition, renovate or even buy a new home? Or maybe you want to refinance, but you’re not sure how to get it all done? We’ll take the time to understand everything you want to do, and find the perfect loan for what you need, from energy loans to home equity options, mortgages, and more.

Member Andria Heath on Getting the Right Home Loan

Tuesday, October 1st, 2013

Are you looking to insulate, build an addition, renovate or even buy a new home? Or maybe you want to refinance, but you’re not sure how to get it all done? That was First Source Member Andria’s challenge this past year, when she wanted to refinance her home. Find out how she looked for, and found, the perfect loan for her needs. We’ll take the time to understand everything you want to do, and find the perfect loan for what you need, from energy loans to home equity options, mortgages, and more.

 

Don’t stress. Call us. You’ll find the perfect loan at First Source, where we put You First.

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