Home equity loans are the most efficient and cost-effective loans that a homeowner can find. Maryland home equity loans, can be quickly qualified and handled by calling First Meridian Mortgage. We are able to appropriate loans on your homes’ equity line in the manner that benefits you the most. This often means that you are able to get 90-100 percent of the value of your home in cash with your second mortgage. This allows the borrower excellent provision for home improvements, college funds, loan repayment or even a vacation because the cash is yours to do with as you desire. Let’s look at the actual definition of home equity loans, and then the different kinds that are available.
Home Equity is the value that a homeowner has built up in their home or property over time and is equal to the difference between the current market value of your house and the remaining mortgage payments. The amount is equity that you have in your home is your Home Equity, and it is the amount you can borrow. Every state has slightly different laws in processing a loan, and First Meridian Mortgage is licensed to handle Home Equity Loans in Virginia, the District of Columbia and Maryland.
There are generally three types of home equity loans.
A Home Equity Loan is a loan that is similar to a first mortgage. It is a one-time lump sum loan, often with a fixed interest rate, and you get all the funds up front. Then, you simply pay the principal and interest payment like you have been doing with the first mortgage until it is fully paid.
A Home Equity Line of Credit or an HELOC is more similar to a credit card because it has a maximum limit. This type of loan can be taken when needed in smaller amounts to avoid spending more than you planned.
If you don’t want a second mortgage like above and you are a veteran, then you may be eligible for a MD 100 % cash out loan. This type is more flexible than the other two types. According to Maryland guidelines, you are able to borrow up to 100 percent of your home’s current value. This type is close to a home equity loan or second mortgage, but with a guaranteed higher loan value available. You are able to take your loan in cash at closing.
Veterans are offered slightly different loans because of the service they gave to our country, but First Meridian Mortgage will help you with whatever type of home equity loan in Maryland that you are qualified to obtain.
To find out more about Home Equity loans, MD Home Equity loans or to see if you qualify for a loan, simply call 783-799-5626. Our team will answer any and all of your Home Equity questions.