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Home Equity Line of Credit

A home equity line of credit (HELOC) is a second mortgage on your home and is typically used for two main purposes.  The most common is to avoid costly PMI on a home purchase or refinance that is typically associated with putting less than 20% down.  For example, if you have saved up a 10% down payment, instead of obtaining a single loan for the other 90% and be forced to pay mortgage insurance, you can potentially secure a 10% HELOC to ‘build’ a 20% down payment, thus avoiding having to pay mortgage insurance.  You may have also heard this loan referred to by its other name, 80-10-10.

Another reason you may want to secure a HELOC is to remodel your home.  As mentioned in (Home Remodel page in the Refinance category), a HELOC might be all or part of a home improvement strategy to finally have the house of your dreams.

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2000 Broadway St.
Redwood City, CA 94063

5170 Golden Foothills Pkwy
El Dorado Hills, CA 95762

2173 Salk Avenue Suite 250
Carlsbad, CA 92008

800-549-8888
inquiries@umaxmortgage.com

Equal Housing Lender

CA Bur of Real Estate - Real Estate Broker - Broker#01514348. 

NMLS#: 780963

These materials are not from HUD or FHA and were not approved by HUD or a government agency. 

Any rates quoted are not guaranteed and are subject to market fluctuations.

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