Log In  |  Contact Us  |  Help
Share Your Experience

 

 

Apply Now
Select a loan application:

GO

HELOC 2nd's

Home Equity Line Of Credit (HELOC) loans are avaiable as a stand alone or simultanious 2nd mortgage for an 80/10/10 purchase money loan.

 Pricing & Product Guide 

HELOC RATES - 30 YEAR Amortization

Combined 1st & 2nd Mortgage Exposure

Combined Loan To Value

Minimum Mid Credit Score

Prime + displayed rate below

* 1 to 2 Family Primary Residences, both Purchases and Refinances, of SFR, Condos and Townhomes

$750,000

89.99%

700

1.99%

$750,000

80.00%

700

1.49%

$750,000

70.00%

700

0.99%

$1,500,000

89.99%

730

1.99%

$1,500,000

80.00%

730

1.49%

$1,500,000

70.00%

730

0.99%

** Second Homes, both Purchases and Refinances, of SFR, Condos and Townhomes

 

*

Maximum loan $350,000 for primary residence.

**

Maximum loan $250,000 for second homes.

Qualifying debt ratios: 38% front-end / 45% total

30 year term, the first 10 years is the interest only/draw period.  Any balance remaining after 10 years is amortized over 20

We use your recent appraisal from the purchase or refinance just completed with us, provided it is less than 120 days old when submitted, less than 150 days old at closing, and meets HELOC underwriting requirements.

We use your title from the 1st mortgage transaction. Junior title insurance policy needed if the line is greater than $250,000.

A minimum of three credit bureau trade lines, with the oldest trade line being originated at least three years prior to the credit bureau date.

We will calculate a payment for underwriting purposes at the appropriate qualifying rate amortized over a 30 year term, plus a payment shock of .0018 times the line amount.

No foreclosure, deed-in-lieu of foreclosure, short sale or "real estate account paid for less than full balance" within the last 5 years.

No bankruptcy filing within the last 8 years.

Floor rate of 0.51% below the initial rate or 4.99%, whichever is greater, unless the initial start rate is less than 4.99%, then the floor rate will be equal to the initial start rate.

$75.00 annual maintenance fee.

Owner-occupied primary residence and second homes.

Borrower pays loan origination charge of $295 and settlement charges.

Use the tri-merge mid-score from the primary wage earner.

 

1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (770) 334-8451 Ext. 101
info@1stRateMtg.com
Copyright © 2017 1st Rate Mortgage Services, LLC
A Georgia Residential Mortgage Licensee #32549
Privacy Policy  | Security Statement  |  Site Map