HELOC. If you’d like to maintain the terms of your current mortgage but still want to excercise the equity in your home, a HELOC may be a good option. A HELOC is a second lien against your home that allows you to draw needed funds which are guaranteed by the equity in your home. When you use the HELOC, similar to a credit card, you owe a payment based upon the balance. If you don’t use the line you owe nothing. Use your HELOC to consolidate debt or just keep for emergencies. Start your home equity line of credit right here. HELOC Application. HELOCs approved in as little as 15 minutes.

• Receive a line of credit/checkbook
• Adjustable rate
• 5 and 10 year terms
• Tax deductible
• Primary
• Daily amortized interest
• Maintain current 1st
• Full-doc

HELOAN. If you’d like to maintain the terms of your current mortgage but still want to excercise the equity in your home, a HELOAN may be a better option. A HELOAN is a second lien against your home that allows you to draw needed funds which are guaranteed by the equity in your home. Use your HELOAN to access your equity today knowing the terms do not fluctuate like a HELOC.

• Receive a lump sum amount
• Fixed rate
• 10, 15, 20 and 30 year terms
• Tax deductible
• Primary, Second and Investment
• Monthly amortized interest
• Maintain current 1st
• Full-doc and alt-doc

Rate and Term Refinance. Most homeowners first purchased their home with a minimal downpayment. With accumulated equity, a rate and term refinance may eliminate mortgage insurance and lower the monthly payment with an extended term.

Cash Out Refinance. Add up your monthly ‘term’ liabilities, meaning debts that can actually be paid off. Credit cards, auto loan, student loan etc (not utilities, memberships or subscriptions). Using the equity in your home, use a cash-out refinance to consolidate those debts and your current mortgage into a new all-encompassing mortgage for a lower overall monthly payment.

Reverse Mortgage. Senior age 62+ have the ability to use their home’s equity to subsiduze their finances. Opposite of a conventional ‘forward’ mortgage where you pay down your principal over the years, a reverse has no principal and interest payment requirement. This means your beginning balance will increase over time. There are two significant advantages; 1) your monthly home payment obligations are now just taxes and insurance (and HOAs if applicable) but no principal, no interest; 2) property valuation tends to grow at a faster rate than the principal. Basic qualifications are age 62 and 50% equity in your home or subject property. Seniors can receive a one time lump sum amount aplus a monthly stipend. Seniors can even buy a home with a reverse mortgage with a 50% down payment. The remaining balance requires no monthly principal and interest payments.

No Income Cash-Out Equity. Leverage your home’s equity even if you do not have active income. Use the funds for new investments, debt consolidation or home improvements.

Big Island Mortgages by Doug Mallardi
(808) 333-4341 doug@bigislandmortgages.com
Start an online loan application, click here.
Schedule an appointment, click here.
Get A New Mortgage. Get A Better Mortgage. Home loans for all Hawaiian islands.