Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC
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Transcript of Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC
![Page 1: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/1.jpg)
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2014 Guide to HELOC Home Equity Line of Credit
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
![Page 2: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/2.jpg)
HELOC Under the Hood
★ Introduction & Guidelines
★ Borrower & Property Requirements
★ HELOC Interest Rates & Terms
★ How to Avoid Mortgage Insurance
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Extra Credit Teacher Program
Ask questions below, call (888) 808-8062 or email: [email protected]
![Page 3: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/3.jpg)
Home Equity Line of Credit
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
![Page 4: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/4.jpg)
Educating and Empowering since 1988
★ Credit Line Secured by Equity
★ Only Pay What You Owe
★ Can Be Used Behind Most 1st Mortgages
★ Avoid PMI & Jumbo Loan Limits
★ Approved at time of 1st Mortgage
More Options for Consumers
BMC Home Equity Line of Credit
Introduction to HELOC
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
![Page 5: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/5.jpg)
★ Owner Occupied Only ★ No Non-Occupant Co-Borrowers ★ Minimum Credit Score 700 in California ★ Qualify using Primary Borrower Mid Score ★ No Minimum Score for Co-Borrower ★ Maximum Debt to Income 38/45
Borrower Requirements
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
BMC Home Equity Line of Credit
Qualifying for a HELOC
![Page 6: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/6.jpg)
★ Single Family Homes / Condo / Townhouse ★ Owner Occupied Duplex OK ★ Cannot be used behind Interest Only 1st ★ Ok behind amortized ARMs ★ Maximum 6 “non-subject” properties ★ Maximum 10 acres on subject property
Property Requirements
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
BMC Home Equity Line of Credit
Qualifying for a HELOC
![Page 7: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/7.jpg)
★ 80% CLTV or Below = Prime + 1.49%
★ 80.01% CLTV to 89.99% = Prime + 1.99%
★ March 2014, Prime = 3.25%
★ 10 Yr Interest Only Draw / 20 Yr Pay Back
★ No Minimum Draw or Balance Required
Interest Rates & Terms
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
BMC Home Equity Line of Credit
HELOC Payments
![Page 8: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/8.jpg)
How to Avoid Mortgage Insurance
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
![Page 9: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/9.jpg)
★ 80/10/10 Purchase is Back
★ Avoid High Balance Loans
★ Avoid FHA Loan Limits
Purchase Money Options
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
BMC Home Equity Line of Credit
Best Use Scenarios
![Page 10: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/10.jpg)
★ Split Loan over 80% LTV
★ Debt Consolidation Solution
★ Avoid High Cost or FHA Loan Limits
Refinance Options
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
BMC Home Equity Line of Credit
Best Use Scenarios
![Page 11: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/11.jpg)
Wrap Up & Take Aways
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
![Page 12: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/12.jpg)
★ 89.99% CLTV up to $750,000 (combined)
★ No Appraisal or Title Insurance (up to $250k)
★ Use to Avoid PMI, MI or Jumbo Financing
★ Creative Lender is Key!
Quick Review
HELOC Awesomeness
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
BMC Home Equity Line of Credit
![Page 13: Broadview Mortgage Long Beach - California Home Equity Line of Credit - HELOC](https://reader036.fdocuments.net/reader036/viewer/2022081907/545cecd5af7959be098b4a23/html5/thumbnails/13.jpg)
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062 or email: [email protected]
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