Merix HELOC Get’s Better

Merix 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.
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