Florida Home Equity Loan

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What is the difference between a Home Equity Loan and a Home Equity Line Of Credit? A home equity loan, sometimes called a "term" loan, is a one-time lump sum that is paid off over a set amount of time, with a fixed or adjustable interest rate and the same payments each month. Once you get the money, you cannot borrow further from the loan.

A home equity line of credit (HELOC) works more like a credit card. You are allowed to borrow up to a certain amount for the life of the loan, a time limit set by the lender.

A HELOC or Home Equity Line Of Credit can be used as a "Piggyback" mortgage when purchasing a home. It can help to avoid PMI or mortgage insurance when less than 20% down payment is available. Sometimes it is referred to as an 80-10-10 mortgage. Unfortunately, PMI is not tax deductible.

Whether it's for home improvements, purchase a home, a new boat, or an overdue vacation, the money you need for your dreams is waiting for you with a Home Equity Line Of Credit or HELOC. Florida Mortgage Corporation can help you.

By using the equity in your home, you may qualify for a sizeable amount of credit, available for your use when and how you please, and at an interest rate that is relatively low. Interest paid on a HELOC is tax deductible.

A Home Equity Line Of Credit is a form of revolving credit in which your home serves as collateral. With a Home Equity Line Of Credit, you will be approved for a specific amount of credit  -  your credit limit, the maximum amount you may borrow at any one time. A HELOC is like a bank account where you continue to write checks on the equity in your home as opposed to writing the checks based on actual money in the bank. A HELOC does not have a period in which it will be paid off, since you can continue to borrow against it, similar to a credit card.

   Available as "Stated Income/No Income Verification/No Asset Verification".

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