|
Home Equity Products
The most convenient way to borrow money. Our Home Equity Products give you flexibility, from interest only payments to a fixed rate loan. We have a product to fit your needs.
| Features |
| Rates/Terms |
Contact a Mortgage Loan Officer at (708) 946-2246, (708) 258-0530 or send us a secure email.
|
| LTV (Loan to Value) |
80% |
80% |
| Minimum Loan Amount |
$5,000 |
$5,000 |
| Closing Costs |
Actual Costs |
Actual Costs |
| Interest |
Interest may be tax deductible. Consult your tax advisor for further information regarding the deductibility of interest. |
Calculate Your Home Equity Loan
Below is an example of how to calculate the possible equity in your home. For questions regarding your home values, rates, or terms, contact our Mortgage Department.
| Variables |
Appraised Home Value
(Estimated) |
$100,000 |
| Advance Rate 80% |
x 80% |
| Lendable Equity |
$80,000 |
| Less Existing 1st Mortgage Balance |
$50,000 |
| Potential Home Equity |
$30,000 |
Home Equity Loan Checklist
For all loan purposes above you will need the following items to start and complete your loan process.
| All Applicants |
-
Real Estate application (we will provide)
- Income, Assets and Liability information
- 2 current pay stubs
- 2 years tax returns with W2s
|
| At a Later Date |
-
Legal Description of property
- Survey
- Appraisal
- Title work
|
| If Self Employed |
-
Last 3 years of business tax returns
- Last 3 year-end financial statements
- Last 3 years personal federal tax returns
|
Talk to a Mortgage Loan Officer
Contact a Mortgage Loan Officer at (708) 946-2246, (708) 258-0530 or send a secure email.
----------
All offers of credit are subject to credit approval. |
|
An Equal Housing Lender
