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What is a HELOC?

One of the biggest perks of home ownership is the ability to build equity over time. You can use that equity to secure low-cost funds in the form of a second mortgage.

HELOCs use the equity in your home – that is, the difference between your home’s value and your mortgage balance – as collateral. Because the loans are secured against the value of your home, home equity loans offer extremely competitive interest rates.

Where we can help you?

Benefits of a HELOC?

  • Home equity can be a great source of value for homeowners to access cash for renovations or other large purchases.
  • Because they’re secured against the value of your home, lenders are willing to offer rates that are lower than for most other types of personal loans.
  • Home equity lines of credit (HELOC) are a revolving source of potential funds, much like a credit card, that you use as you see fit with a variable interest rate.

Loan Eligibility

Lenders underwrite second mortgages much like other home loans. They each have guidelines that dictate how much they can lend based on the value of your property and your creditworthiness. This is expressed in a combined loan-to-value, or CLTV, ratio.

HELOCS may go up to 89.99% LTV for qualified borrowers and a second "piggyback" HELOC may be used in conjunction with a primary loan for borrowers that desire to avoid PMI payments.

Ryan is an Army combat Veteran.
Iraq (1st CAV) and Afghanistan (101st)

Speak with a Veteran

CFG is owned and operated by Proud Veterans, military family members and supporters of our Great Armed Forces. We have extensive experience with the loan process and are here to support you every step of the way.

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