Equity in your home
Use the equity in your home for all sorts of projects—home improvement, debt consolidation, financing education, or making a large purchase! We offer two types of Home Equity: A fixed amount loan with a set term and payments; and a Home Equity Line of Credit: A revolving line which you can borrow and pay back as you need it.
HOME EQUITY LOAN
- Loans up to 90% of the appraised value
- $120,000 maximum
- Up to 10 years to repay
- Government/recording fees apply
For a Home Equity Loan we will need you to provide us with the following:
- Real estate tax statement for the current year
- Copy of Homeowners Insurance Policy Declaration Page
- Two recent pay stubs and W2 forms for the last two years. If self-employed, we need the last two years of corporate and individual income tax returns and a current year-to-date profit and loss statement.
- Current mortgage statement, if you have a mortgage on your home
- Current asset verification (statements showing cash, investment, or retirement account balances)
HOME EQUITY LINE OF CREDIT
- 5 year draw period; up to 15 years to repay
- Loans up to 90% of the appraised value
- $500,000 maximum
- Adjustable rate (adjusts annually)
- Government/recording fees apply
NMLS Information:
Peter- NMLS 747132
MPECU-728461
