Build Wealth by Investing with a HELOC
Pay thousands less in interest and use that money for the things that really matter. Open a Business..
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A Home Equity Line is one of the the Fastest, most common method to use Equity in your home for items like Debt Consolidation.
The Basics - Building Wealth using a HELOC
When you are able to save a certain amount of money, it is wise to invest to increase it.
Pro Tips: Before you invest your savings, you need to set aside some money for urgent financial needs. One recommendation is to save three to six months’ expenses.
Before investing, keep in mind that investments vary in terms of potential returns and risks. The more secure your investment, the lower its potential return.
You should know that there are different types of investments. Do research to find out the types of investments. Above all, you can invest by following things like stocks, bonds and mutual funds.
Stocks: You can invest money by buying stock. By buying stock, you get to own a small portion of a company. You will be able to benefit from dividends as the share price increases. Stock is a bit risky. However, the risk may vary from corporation to corporation.
Bonds: When you invest money in bonds, you get regular interest along with your principal. However, it is considered less risky than the stock. However, some bonds are riskier than others.
Mutual funds: It’s like stock or bonds, again a combination of the two. It offers you a slice of pool. However, the risk changes depending on the amount of investment.
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Paying Off Your Mortgage Faster Is Easier Than You Think
- Changing the terms of your mortgage can maximize your monthly income.
- Check out our HELOC Calculator to see how a new rate and term could lower your monthly mortgage payment. Or learn how refinancing with Lender paid PMI can save you money and taxes.
Why You Should Choose Home Equity Lines?
- You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
- Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
- After you close your loan, you can manage your mortgage online without any hidden fees.
- Our affiliates service 99% of their mortgages, which means you can expect our great customer service to continue after you close.
Popular Loan Options for Lowering Your Mortgage Payment*
- FHA Loan – Refinance out of a skyrocketing mortgage payment with the fixed-rate security of a government-insured FHA loan. Find out if you could refinance without an appraisal with our easy FHA Streamline tool.
- 30-Year Loan – Looking for a more traditional loan option? Lock in today with a 30-year fixed.
- Adjustable Rate Mortgage – Get the lowest rate available with a 5- or 7- year ARM and potentially pay thousands less over a traditional fixed rate mortgage for the first 5 or 7 years of your loan.
- VA Loan – Get a low rate and payment with the VA loan if you’re a qualified veteran, military member, or spouse. Ask us if you are eligible for the great benefits of a VA loan!
Frequently Asked Questions
How do I know if refinancing to lower my payment is worth it?
- How much will I save? A lot may have changed since you bought your home – your credit score, your home value, mortgage rates. If any of these have improved, you should definitely explore how much you can lower your payment with our HELOC calculator.
- Will the savings cover the costs? It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment may result in a longer loan term, and that might mean paying more in interest overall in the long run.
What does refinancing mean? How can it get me a lower monthly payment?
- A Lower Interest Rate – The higher your interest rate, the more you’ll pay for your mortgage both now and in the future. A lower rate equals a lower payment if you don’t shorten the length of your mortgage term.
- Gets Rid of Private Mortgage Insurance (PMI) – If you put less than 20% down on your original home loan, chances are you’re paying private mortgage insurance (PMI). If your home has increased in value and/or you have enough equity, you can refinance to eliminate this costly monthly payment.
- Refinance to a Longer-Term Loan – When you refinance to a longer-term loan, you’re stretching the amount you owe over a longer period of time. While you might pay more in interest overall, your monthly payment will decrease.
What is equity? How can it help me lower my payment?