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Is an Equity Line of Credit the right solution for me?

Unlike traditional home equity loans, you can use a HELOC as you need to, and pay it back over time.  HELOC interest rates are typically variable, reliant upon prime rates.

Need cash for home improvements, car repair, medical bills, tuition, or a family crisis? Or will instant cash make a dream come true? If you have equity in your home, you’re probably eligible for a MortgageEase flexible credit line of $15,000 to $300,000. You may even qualify for as much as 100% of your home's fair market value, less the balance of your first mortgage.

A home equity line of credit offers borrowers plenty of advantages—tax-deductible interest, flexible payments and attractive interest rates that are typically lower than credit-card rates! Plus, you’ll know you have a loan if you need it and payment terms you control. And even if you qualify for a maximum line of credit, you pay interest only on the money you borrow and spend.

Just think of an equity line of credit as a checking account to borrow from with a variable interest rate. Through this no-hassle borrowing option, you simply write a check from the equity line account and repay all or part of it. Manage a monthly payment you adjust to your income—borrow more or pay the balance in full. And then months or years later, borrow the money from the principle again. Interest accrues only over the time period of repayment and fluctuates according to changes in the prime interest rate. In some cases, borrowers are eligible for a fixed rate on a home equity line of credit.

An Equity Line of Credit gives you quick and convenient:

  • Availability: Borrow when you need money, for up to 10 years, with no need to reapply or wait for loan approval. Since you can draw from the account when you need to, getting loan approval is instant since it’s up to you!
  • Flexibility: You can adjust your payment to your income and financial objectives—pay interest only, pay interest and partial principle or pay your loan balance in full. With a line of credit, you get attractive interest rates, no prepayment penalties and as long as you keep to your loan terms, your payments are completely customized by you!
  • Affordability: Reduce debt with an Equity Line of Credit. Use your credit line to consolidate debt and reduce monthly payments. Pay off high rate credit cards. Save time and money—simplify your financial management by consolidating debt into one simple payment.
  • Save-ability: Usually, interest paid on an Equity Line is absolutely tax-deductible, while interest you pay on credit cards or other revolving loans won’t qualify as a tax savings. Consider the tax advantages—you may want to check with your tax consultant to see how an equity line could reduce your tax liability and increase your tax savings.
  • Variability:  In some states, borrowers have options at closing, enabling them to arrange loan terms that have fees, points or closing costs but reduce the applicable interest rate. Up-front costs often create savings down the road since these borrowers get lower interest rates and consequentially, lower monthly payments. Or, you may be eligible for a fixed term. Regardless, it’s likely you’ll find the Equity Line of Credit is a viable, quick and convenient borrowing solution you custom-fit to you! 

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