Sentences with phrase «lien position heloc»

I just closed on a first lien position HELOC with Desert Financial Credit Union in Arizona.

Not exact matches

In other words, with a Home Equity Loan or HELOC, you will have two mortgages on your property; in all likelihood, it will have a higher interest rate than your first mortgage due to the fact that it will be held in a second lien position against the property.

However, if your house is completely paid for and you have no mortgage, some lenders allow you to open a home equity line of credit in the first lien position, meaning the HELOC will be your first mortgage.

There is an early termination fee of 1 % or 2 % (up to $ 250) of the principal balance depending on lien position if your HELOC is closed before the third anniversary.

Sample APR assumes a new $ 100,000 HELOC in second lien position with a combined loan - to - value (CLTV) ratio of up to 70 % on a 1 - to 4 - unit owner - occupied primary residence and a borrower with excellent credit.

If I do the exact same thing with a $ 100K HELOC in 1st lien position for the same house, the same monthly expenses, and instead of 5 % interest rate I assume 6 % interest rate, I will be done paying in 7 years.

If you have access to 4 - 5 % HELOC money and your first lien position is north of 10 %, then I could see it possibly working.