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Home Equity Line of Credit (HELOC)

Access your home’s equity with a revolving line of credit.

A HELOC allows homeowners to tap into their home’s equity for various financial needs. With flexible access and competitive interest rates, a HELOC can be a versatile tool for managing expenses and achieving financial goals.

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HELOC Features

Practical features for accessing home equity:

Revolving Credit

Access funds as needed, similar to a credit card, up to a set limit.

Interest-Only Payments

Option to make interest-only payments during the draw period, reducing monthly expenses.

Flexible Withdrawals

Withdraw funds at any time during the draw period through checks, online transfers, or a credit card linked to the account.

Variable Interest Rates

Typically offers variable interest rates, which may be lower than fixed-rate loans.

Benefits of a HELOC

Flexible Access to Funds

Draw on your home’s equity as needed for expenses like home improvements, education, or emergencies.

Cost-Effective Borrowing

Enjoy potentially lower interest rates compared to other types of credit, such as personal loans or credit cards.

Adaptable to Changing Needs

Adjust borrowing and repayment based on changing financial needs and goals.

Potential Tax Advantages

Interest on a HELOC might be tax-deductible, offering additional financial benefits.

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Leverage the expertise and experience of A and N Mortgage to navigate the HELOC process. Our knowledgeable team is here to guide you every step of the way and help you make the most of your home’s equity.

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loan FAQ

Loan Program

Frequently Asked Questions

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Some loans will allow you to secure just a 5% down payment plus closing costs. Another option is a piggy-back loan where you get approved for the first and second mortgage to avoid PMI. You could also apply for an FHA loan which only requires a 3.5% down payment.

However, your interest rate will likely be higher, and you will be required to buy private mortgage insurance (PMI).