Nohome equity lenderis perfect.
Scarce details:Limited information is available online about borrower requirements, including minimum credit scores.
Loan amounts are flexible, ranging from $10,000 to $1 million.
Youll have a standard 10-year draw period and a 20-year repayment period.
Interest-only HELOC:Flagstar also gives homeowners the option to make interest-only payments on their HELOC.
With aninterest-only HELOC, you pay interest only on the amount you borrow during the draw period.
Once you hit your repayment period, youll start making full payments on both the principal and interest.
Fees
There areno closing costsas long as you keep your account open for at least 36 months.
If you borrow more than $500,000, you will need to pay for the lenders title insurance.
HELOCs are widely available, but home equity loans are more limited.
you’re free to start your software for a home equity loan online.
For HELOCs, youll need to submit aninformation formonline and wait to be contacted by a representative.
you could also call 855-878-7768 to start the process.
you’ve got the option to call 844-294-9055 to connect with a loan adviser over the phone.
Representatives are available Monday through Friday between 7:30 a.m. and 8 p.m.
ET, and Saturday between 7:30 a.m. and 4 p.m.
