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A Home Equity Line of Credit, or HELOC, is a 2nd Mortgage that
provides flexibility to meet changing financial needs. You are
approved for a maximum credit limit and may draw down the funds and
pay them back as your see fit. You only pay interest on the amount
of funds you have drawn.
Funds may be used for any purpose, including home improvements,
automobile purchases or refinances, college tuition, debt
consolidation or any other purpose. Used wisely, a HELOC can be a
preferred financing tool, as it generally provides a lower interest
rate and the interest is tax deductible in most instances (please
consult your tax accountant).
Even if you never use it, a HELOC is a smart insurance policy to
have in place in case you ever need it for a rainy day. It's good to
remember Mark Twain's quip that bankers will only offer you an
umbrella on a sunny day.
Compare our HELOC to those offered by most banks:
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AimLoan.com |
Most Banks |
Maximum
Credit Limit |
90% of
Home Value |
80% of
Home Value |
| Annual Fee |
|
$75 |
Early
Closure Fee |
$0 |
$500 |
| $100 CREDIT |
| Sign HELOC documents at
the same time as your purchase or refinance mortgage documents
and take $100 off your fees! |
|
NO COST HELOC
No Initial Draw
Required
| |
MARGIN BASED ON CREDIT SCORE |
LINE AMOUNT |
CLTV |
740+ |
700-739 |
680-699 |
660-679 |
640-659 |
$150,000 - $200,000 |
80% |
0.00% |
0.35% |
0.65% |
1.55% |
1.65% |
90% |
0.30% |
0.55% |
2.05% |
n/a |
n/a |
$100,000 - $149,999 |
80% |
0.30% |
0.60% |
0.95% |
1.35% |
2.15% |
90% |
0.60% |
1.05% |
2.40% |
n/a |
n/a |
$60,000 - $99,999 |
80% |
0.85% |
1.10% |
1.55% |
2.00% |
2.80% |
90% |
1.10% |
1.50% |
2.95% |
n/a |
n/a |
$25,000 - $59,999 |
80% |
1.35% |
1.55% |
2.10% |
2.80% |
3.60% |
90% |
1.75% |
1.95% |
3.00% |
n/a |
n/a |
$10,000 - $24,999 |
80% |
3.20% |
3.45% |
3.80% |
4.55% |
5.50% |
90% |
3.60% |
4.05% |
5.00% |
n/a |
n/a |
Not Avail in: AR, AK, DE, HI, ID, IN, KS, LA, MI, MN, NE, NJ, NV, NY, PA, RI, TN, TX, UT, VT, WY
No Closing Costs. APR = Prime Rate (6.50%) + Margin.
Program Guidelines
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