What Our Clients Think!
After being turned down for a loan at a couple of other banks, we felt as though we would not be able to get financing to purchase a new home. Not only did aasent Mortgage Corporation help us get a loan, we also received a low rate with low closing costs. Working with aasent mortgage was a great experience.
-Kandace K. Seffner, FL
Equity in your home gives you options. You can utilize the equity in your home for numerous reasons. They may be used for college, debt consolidation, home repairs… basically at your discretion.
| Home Equity Line Of Credit (HELOC) | Prime Rate | 6.000% |
| Max. Combined Loan To Value | Rate | APR |
| 80% | 6.000% | 6.171% |
| 85% | 6.000% | 6.171% |
| 90% | 6.250% | 6.318% |
| 95% | 6.850% | 6.927% |
| 100% | 7.600% | 6.721% |
| Home Equity Loan (Fixed Second Mortgage) |
| Max. Combined Loan To Value | Rate | APR |
| 80% | 7.600% | 7.861% |
| 85% | 7.800% | 7.991% |
| 90% | 7.800% | 7.991% |
| 95% | 8.650% | 8.881% |
| 100% | 9.550% | 9.684% |
There are two types of second mortgages.
Home Equity Line of Credit (HELOC)
A line of credit tied to your house. HELOCs are tied to the prime rate.
HELOCs are an open-ended line of credit. You can pay it down and reuse it again.- HELOCs often include different payment options.
- The closing costs of a HELOC are very low and in some cases maybe nothing.
- If the prime rate drops, your interest rate drops.
- If you choose to pay interest only, your balance will never decrease.
- If the prime rate increases, your interest rate will rise.
- The interest rate and payment will never change.
- You will pay down the balance with each payment.
- The closing costs are very low and in some cases maybe nothing.
- This is a close-ended mortgage. You will not be able to reuse the equity.
- If interest rates drop, your rate will not drop.
Advantages:
Disadvantages:
Home Equity Loan (Fixed second mortgage):
A Home Equity Loan is fixed second mortgage tied to your house.
Advantages:
Disadvantages:
