Merix’s HELOC is one of the more popular readvanceable mortgages.  Now Merix has improved it:

• Maximum loan-to-value has increased from 90 to 95%.
• It’s now easier to qualify with 40-year Ams.
• The mortgage segment can be split into multiple portions, each with their own term, rate type, and amortization. 

For example, you could have a $100,000 mortgage with four portions to hedge rate risk and maximize interest savings when you can’t afford a straight 25-year Am.:

• $20,000 5-year fixed with 25-year Am.
• $20,000 5-year variable with 30-year Am.
• $30,000 1-year fixed with 40-year Am.
• $30,000 3-year variable with 35-year Am.

Since every dollar of principal you pay down is added to your available line of credit, Merix’s HELOC is well suited for:

• Self-employed borrowers that need a backup cash source
• Investors that need a readvanceable mortgage with a variable rate
• Anyone who wants the security of a line of credit for unexpected expenses, education costs, etc.