Interest-Only loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow. You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt. With these loans, the minimum payment required covers interest only-you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans-with Interest-Only the principal balance NEVER increases.

What is a Home Equity Loan? There are two kinds of Home Equity Loans that are prevalent in the mortgage industry. Home Equity Line of Credit A HELOC works like any other revolving line of credit, and is very similar to a credit card. It's flexibility allows a homeowner to write checks against the equity in their home, and unlike a Home Equity Loan, with a line of credit you only pay interest on the funds you use. HELOC's are good because you have easy access to cash when you need it. You can use the line of credit for home improvements, debt consolidation, purchasing an automobile or paying college tuition! Home Equity Loan A home equity loan is secured by the amount of equity in your home. This loan allows you to fix your monthly payments. The interest rate typically starts higher than a HELOC but remains fixed for the entire term of the loan. Home Equity Loans require you to make fixed monthly payments which include both principle and interest.

Did You Know?

• Your credit can usually be repaired within 6 months, enough to get a much lower rate on a loan!
• Paying off expensive credit cards with a home equity loan can help you get out of a revolving payment nightmare
• There are hundreds of loan programs to help you even if you have had late payments, recent bankruptcy or charge-offs
  
  Imperfect Credit Loans- Allows borrowers with less-than-perfect credit to qualify for competitive interest rates to consolidate debt and lower payments or make home improvements.
  
  No Income Verification Loans - Ideal for the self-employed with good credit, loans where borrowers agree to put down 25 to 30% equity in exchange for reduced documentation requirements.
  VA Government insured/guaranteed long-term, fixed-rate and adjustable loans.
  
  Jumbo Loans-Loans up to any limit at very competitive rates always with no origination if you so choose.