Home Equity Lines
Mortgage Resources is proud to offer
some of the nation's best pricing and the lowest interest rates on home equity lines and
home equity loans. These premier credit lines can go to 100% LTV (loan to value)
with loan amounts to $1,000,000. Stated income and stated assets is
available to a CLTV (combined loan to value) of 90% and loan amounts of
$200,000. Exceptions can be made for the strongest borrowers with significant
liquid assets to $500,000 with
stated income. 100% CLTV is allowed to $1,000,000 on a purchase or for a
refinance transaction.
These second mortgages
carry very low closing costs and minimal annual fees. No
closing costs options are available for certain equity line and equity loan
configuration. The equity lines are amortized over 30 years with the option to
make interest only payments for the first 10 years of the loan term. Total cost
is only $495 plus the applicable points, if any. This charge may be waived on
larger loan amounts and on piggy-back transactions where the first and second
mortgages are funded concurrently.
Use loan proceeds for
any purpose -- purchase money, debt consolidation, refinance of current debt,
education or investments in additional Real Estate. Once established, money is
immediately available when you need it.
| $150,000 to $1,000,000 |
$25,000 to $149,999 |
Points |
APR* |
| 90% CLTV |
100% CLTV |
90% CLTV |
100% CLTV |
|
|
| Prime - 0.50% |
Prime + 0.50 to 0.75% |
Prime - 0.25 to 1.25% |
Prime + 0.25 to 1.50% |
0.00 to1.50 |
* |
| Prime - 0.25 to + 0.75% |
Prime + 0.50 to 1.00% |
Prime + 0.0 to 1.25% |
Prime 0.50 to 1.50% |
0.00 to 1.00 |
* |
| Prime + 0.0 to 0.75% |
Prime + 0.50 to 1.00% |
Prime + 0.0 to 1.50% |
Prime + 0.75 to 2.25% |
0.00 |
* |
* APRs vary widely according to loan amount, prime rate and point and
spread configuration. Currently (March 2008) APRs range from approximately
7.25%
for the higher loan amounts and -0.5% spread to 9.75% for the minimum loan amount
and 2.0% spread at 100% CLTV. Call for specifics for your scenario.
The above quotes assume a minimum initial draw of $25,000. With a lower
initial draw, spreads are 0.25% higher.
Home equity lines between $500,000 and $1,000,000 are
available at Prime minus 0.25% if costs are paid by borrower with no minimum
draw requirement. With no cost option, spreads range from -0.25 to 0.50% and a minimum draw of
$25,000 is required.
Numerous other equity line and equity loan programs are
available for CLTVs above 100%, non-owner properties, etc. Call or email for
additional information.
Check Availability by State
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