HELOC
These are loans for borrowers who may not meet the requirements of A HELOC is a revolving line of credit that uses your home’s equity as collateral. Unlike a home equity loan (which gives you a lump sum), a HELOC works more like a credit card—you can borrow, repay, and borrow again up to your limit during the draw period.
loan programs. Non-QM loans typically have a special income qualification. They
are designed for people with unique income streams.
HELOC
How Does a HELOC Work?
01.
Tap into your home’s equity
Access the cash you need without altering the terms of your current mortgage. A HELOC allows you to borrow against the available equity in your home without going through a full refinance process, saving time, fees, and paperwork. This means you can keep your existing low interest rate while still unlocking extra funds.
02.
Lower interest rates
HELOCs are secured by your home, which typically results in much lower interest rates compared to unsecured debt like credit cards or personal loans. This makes them an attractive option for homeowners looking to finance larger expenses while minimizing interest costs over time.
03.
Interest-only payments
During the initial draw period—usually between 5 to 10 years—you’re only required to make payments on the interest for the amount you've borrowed. This flexible structure helps reduce your monthly payments in the early years of the loan, giving you financial breathing room while still accessing the funds you need.
04.
Pay interest only on what you use
Unlike traditional loans, a HELOC only charges interest on the funds you’ve actually withdrawn, not the full credit line available to you. This feature provides maximum flexibility, allowing you to manage costs by only paying for what you use—whether it’s a small repair or a major renovation.
05.
A repayment period
Once the draw period ends, your HELOC enters the repayment phase, typically lasting 10 to 30 years, depending on your loan terms. During this time, you’ll begin making regular monthly payments that include both principal and interest, allowing you to gradually pay down your balance over time with predictable installments.
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FLOMortgage made our dream of homeownership a reality. The 100% FHA loan option, supported by their expert guidance, made the entire process stress-free. Their commitment to supporting first-time buyers was evident in every interaction. From educational resources to personalized consultations, their team ensured we felt empowered throughout. FLOMortgage doesn't just offer financial solutions; they offer a genuine partnership.
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FLOMortgage exceeded expectations to ensure our homebuying experience was exceptional. The 100% FHA loan option was revolutionary, removing the necessity for a traditional down payment. The personalized service from their Mortgage Brokers ensured a seamless process from start to finish. From the initial consultation to closing, they offered valuable insights, enabling us to make informed decisions. The team's commitment to educating first-time buyers is evident in their dedication.
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Our experience achieving homeownership with FLOMortgage surpassed all expectations. The 100% FHA loan option, along with their devoted service, transformed our dream home into reality. Their Mortgage Brokers offered invaluable guidance every step of the way, ensuring we were informed and confident in our decisions. Their dedication to supporting first-time buyers, demonstrated through educational resources and personalized consultations, distinguishes them from the rest.
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