A home equity line of credit (HELOC) offers up to $350,000. A HELOC allows you to utilize the equity in your home to make home improvements, pay for college expenses, pay off other debts, take care of healthcare costs, etc. You’ll be able to borrow up to a certain amount, and can pull from it as you need.
You may be able to refinance your existing mortgage and use the equity to get cash back to make home improvements. When you do a cash-out refinance, you replace your current loan with a larger loan and receive the difference. Equity is the difference in the current market value of your home less the amount you owe. For example, if your home is worth $250,000 and you only have $175,000 remaining on your mortgage loan, you have $75,000 worth of equity.
*Maximum renovation limit includes associated fees
*Maximum renovation limit includes associated fees
*Maximum renovation limit includes associated fees
Conventional renovation and the FHA 203(k) loan programs both offer Standard and Limited renovation loan options. Eligible repairs and total cost of those repairs depend on the type of program you choose.
Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Housing Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.
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