Information on HomeLine (Home Equity Line of Credit) - The Credit Union Atlantic Homeline is a Line of Credit secured with a residential HomeLine

Home Equity Line of Credit

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Home Equity Line of Credit

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Major issues About home equity loans A home equity loan allows you as a homeowner to get a loan by using the equity in your home as your collateral. The equity here consists of whatever funds you have invested in your property in order to own it or improve it. Since it is a debt against your own property

which you are in actual possession of

a home equity loan is a secured debt. The property can be required to be sold if the creditor wants the money back that you have borrowed. Home equity loan vs. Home equity line of credit A home equity loan can be obtained in a lump sum or used as a revolving home equity line of credit. A home equity loan can be either of the following: A fixed rate mortgage An adjustable rate mortgage A homeowner who requires more money in large amounts usually applies for a home equity loan. Some expenses that make a home equity loan useful are: Debt consolidation Home repairs Medical bills College tuition for family members

Home Equity Line of Credit

as the loan is used for its primary functions. You can use a home equity loan calculator to check what various home equity loan rates will mean for your monthly payments. More informaion on home equity loans If you would like more information on home equity loan rates

and how to find the best home equity loan

please fill out the form above! Home equity loan specialists will get in touch with you to consider your options and see how a home equity loan can help you make the most of what you have. There are several choices available for homeowners to free up the equity they possess in HOME EQUITY LOANS AND LINES --------------------------------------------------------------------------------

Home Equity Line of Credit

a Prime Equity Line of Credit or a Mortgage Equity Loan. Home Equity Loan Products Home Equity Loans (Apply Now) Borrow against the equity in your home and lock into your rate and your payment too. Just like your mortgage

the interest could be tax deductible.* Adjustable Rate Home Equity Loans (Apply Now) If you feel interest rates are headed downward

take advantage of it. This equity loan's payments are based on the 12-month London Inter Bank Offered Rate (LIBOR). Plus

the interest could be tax deductible.* (Only available in AL

CT

DC

DE

GA

FL

MD

MS

NC

NJ

NY

PA

SC

TN

TX

VA) Prime Equity Lines of Credit (Apply Now) Use only the amount of money you need

when you need it. With this type of credit

you access your money just by writing an access check. The interest could be tax deductible.* Home Equity Comparison Charts Not sure which product is right for you? We can help. Other Products Mortgage Equity Loan (Apply Now) Refinance or purchase a home in less time with less paperwork than a traditional mortgage.

Home Equity Line of Credit

verification

and collateral evaluation. Initial decision is subject to you meeting specific underwriting requirements and final approval will be based upon you satisfying those requirements. Loans originated by Wachovia Mortgage Corporation

Wachovia Bank

National Association

or Wachovia Bank of Delaware

National Association. Products not available in all states and are subject to change without notice. A Listing of Current Home Equity Line of Credit Rates Every month, HSH collects the latest information on home equity line-of-credit (HELOC) products from lenders in over 70 metropolitan areas around the US. (We also survey for home equity loan "second mortgage" products.) The surveys are available on a one-time or a subscription basis and is typically marketed to lending institutions and other market professionals. You can see a sample of the data we gather for HELOCs here. What's the difference? Both types of loans allow you to tap the equity in your home. The home equity loan is the traditional second mortgage: a loan in effect for a specific term, usually (but not always!) fixed rate. You're approved for X dollars, the lender gives you the check, and you get a repayment schedule. But the HELOC works like a credit line -- its operation resembles a charge card, like Visa or MasterCard. Commonly, most lines feature an "open" or "advance" period where you can borrow money, followed by a "repayment" period where your access is closed off, and any money you still owe must be repaid. However, there are some which are truly open-ended, and like charge cards, they don't have a fixed term, but can last for as long as you own your home. And HELOCs are almost always variable-rate, tied to the Prime Rate plus some margin, with at least a lifetime `cap` on rate movements. Our listings note whether the HELOC has an "introductory" rate, and if so how long it lasts. For everything you need to know when shopping for your Home Equity Line of Credit or Home Equity Loan, order "A Homeowner's Guide to Home Equity Loans and Lines of Credit" for only $4. If you prefer, you can send a money order (no checks, please) to to HSH Associates, Dept HEQ, 237 West Parkway, Pompton Plains NJ 07444. The sampling listed here lists just a few of the loans we survey. HSH typically surveys over 1,000 lenders in a given month! This info is marketed to lending institutions and other market professionals -- they can view a sample of our competitive market report. Homeowners looking for a line of credit should see our Home Equity Showcase, where lenders advertise loans & lines. (HSH markets reports for home equity products in NJ and NY -- call 973-617-8700 for more information.) Lenders can advertise in the Home Equity Showcase -- and can also get more information on our nationwide home equity product surveys. HSH also conducts a similar survey for other types of consumer loans -- including new and used auto loans. -------------------------------------------------------------------------------- Competitive Home Equity Lines as of May 19, 2006 Derived from HSH's 1,000-lender nationwide Home Equity Line and Loan Survey. Fully indexed average this month: 8.55% Average introductory rate this month: 5.86% Some form of introductory offer is available from about 11% of the lenders surveyed. EquityNews: Did you know? Rates on many Home Equity Lines of Credit are now well above the rates for 30-year fixed rate first mortgages? If you don't need the flexibility a line allows, and if today's rates fit you, you might consider refinancing both your first mortgage and old HELOC into a new first mortgage. Driven by competition and high levels of first mortgage refinancing, and despite rising interest rates, this is still a very good time to take out a Home Equity Line of Credit (HELOC). If you are considering doing so, it's more important than ever to shop around for your new line of credit. This is especially true since it's becoming somewhat more expensive to jump from HELOC to HELOC, as most lenders now have "early termination fees" if you should close out your line of credit earlier than they prefer. Normally, it costs the borrower very little (if anything) to get into a Home Equity Line of Credit. Lenders may attempt to draw you in with a low introductory rate, may have offers of no-out-of-pocket-costs or even some form of premium. In such an arrangement, the lender absorbs the cost of originating the line, expecting that he'll recoup those costs over time as a result of the interest you'll pay. This can mean that a deal which was initially attractive to you may not turn out to be the best possible deal you could have found with just a little more digging. However, once you've got a Home Equity Line of Credit, it's a pretty safe bet that you'll start to see or receive offers from other lenders, and you might be tempted to jump to another deal and pay off (and close) your current credit line for another one offering "better" terms. Not so fast! Early Termination Fees (sometimes called "prepayment penalties") may make it less attractive for you to jump ship. Out latest survey found the majority of lenders now 'catch you at the exit' with a fee which can easily be $250 or more, and is typically imposed if you should close the line completely within three years. Some lenders will charge you whatever the actual closing costs were for your line, a number that they can't easily disclose before your application has been processed. As well, these fees may also be imposed if you should sell your home during that time, certainly a consideration if you plan on moving in the near future. As you shop around, and before you sign on the dotted line, make sure you ask about any fees if you should need or want to get out of your line early. About the HSH survey data below: The Lines and Loans listed below are for borrowers with excellent credit. While the listed lines are among the best offered in the market listed, there is no one 'best' line that fits every borrower. We strongly recommend that you shop the offerings in your local market, as the actual best deals for Home Equity Lines are frequently made at smaller, local institutions. Home Equity Lines of Credit are best used for financing on-going credit needs, like college tuition, recurring medical expenses, or continuing home improvements. Metro Area/ Intro Intro Rate cLTV Min Lender Phone rate Rate Period Index Mrgn Ceil % Line

Home Equity Line of Credit