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.
Visited 10 times, 1 visit(s) today
Last modified: April 25, 2014
