Who it's for
- Homeowners who want the flexibility to access low-interest, tax-deductible* funds whenever they need it.
- Anyone who wants to finance things they need with a lower interest rate than a credit card and get tax advantages.
Using your home's equity is a smarter way to finance your needs
- Get up to $500,000 and use the money for anything you want.
- Make repairs or home improvements and increase the value of your home.
- Pay for college expenses, pay off high-interest credit card debt, buy a vacation home or even use it as an alternate source of income.
Home Equity Line of Credit loan is flexible
- You'll get a better rate than a credit card and the interest may be tax-deductible*.
- Interest-only payments may be made during the first 10 years of the loan.
- No pre-payment penalties Best Mortgage and Loan allows you to refinance your loan anytime.
- Works similar to a credit card and you pay only if and when you make a draw.
How the Home Equity Line of Credit loan works
- The Home Equity Line of Credit loan has a 10-year draw period.
- Works like a credit card, using your home's equity as your line of credit.
- Get a check within days of closing your loan.
- Interest-only payments can be made during the first 10 years of the loan; then, the balance is re-amortized over the next 20 years.
*Consult your tax advisor.
* During the 10-year draw period, you are only required to pay interest on what you borrow. During the 20-year repayment period, your monthly payment is calculated at 240 monthly installments to repay the outstanding balance, plus accrued interest.
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