There are mainly two types of Home Equity Loans: a) a fixed rate 2nd trust deed, referred to As a  Home Equity Loan and b) an adjustable Home Equity Line of Credit.

A Home Equity Loan is typically a fixed rate 2nd trust deed up to 100% of the homes appraised value. You can use the money for anything you choose. You can expect to receive a fixed rate for terms as low as 10 years up to 25 years. The payments and fully amortized and will require some closing costs.

A Home Equity Line of Credit is an adjustable rate 2nd trust deed, typically based on the current PRIME rate + a %, ranging from 0%-3%, depending on credit history, amount of equity, etc.up to 100% of the homes appraised value.  You can use the money for anything, including debt repayment, college tuition, investments for other real estate, etc.  The payments are typically interest only for up to 10 years with a repayment period thereafter for an additional 10-20 years.  THE HOME EQUITY LINES OF CREDIT ARE USUALLY AVAIALBLE WITH NO CLOSING COSTS!  There are certain requirements for the NO CLOSING COST LINE OF CREDIT!

Call us today to see if you qualify for a NO CLOSING COST HOME EQUITY LINE OF CREDIT!