Are you looking for a lump-sum loan you can pay off over a long period of time? If so, you may want to consider a home equity loan from Allpointe Mortgage. Typically, you can borrow up to 80% of your home's appraised value, minus the balance on your mortgage.
- Usually, home equity loans are repaid in monthly or quarterly installments over a fixed period of time. Typical terms are 15 or 30 years.
- You can choose between a (1)fixed or (2)adjustable-rate loan, depending upon which type you are more comfortable:
1. With a fixed-rate home equity loan, your interest rate and monthly payment will remain the same over the life of the loan.
2. An adjustable-rate loan may initially offer a low interest rate, which can change over the life of the loan. Other adjustable-rate loans have a fixed initial period, and then adjust periodically. Your monthly payments may also go up or down as the interest rate shifts.
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Best if you need a lump sum for a specific purpose |
Prefer the financial flexibility of writing a check whenever you need it? Consider a home equity line of credit (HELOC), which allows you to borrow money whenever you need it, up to a predetermined limit.
- HELOCs include a draw period and a repayment period. During a five- or ten-year draw period, you can access your line as many times as you would like to up to your limit.
- Funds are made available for you to use again as you pay off any part of the outstanding balance.
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Best for
periodic needs |
