HELOCS and Second Mortgages
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Home Equity Lines of Credit (HELOCs) are still available. The rate on this loans is based upon the prime rate plus a margin that is determined by loan to value and credit score. HELOCs are interest only loans where the borrower pays only on the outstanding loan amount. They can be paid back at any time; the borrower will be given a limit of the amount available. Loan costs for these transactions are much less than for usual mortgages. They can be used to purchase or for cash availability on refinancing. These loans are typically second mortgage liens. Mortgage Partners offers HELOCs as well as fixed rate, purchase money seconds.