MANSFIELD — Summertime is home improvement time, and there’s no better way to make those improvements than with your home.
If you’ve been a homeowner for some time and have built equity, you can draw on that equity through certain home financing programs. These options give you access to funds using your equity so you can pay for improvements.
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit similar to a credit card but with a rate that’s typically lower. Several options are available for accessing cash, including personal withdrawals, check writing, and card use.
You can borrow funds up to a set credit limit, and interest is charged on the amount borrowed. The revolving credit line can be paid down and reused during your draw term, which typically lasts 5 to 10 years. You’ll only pay interest throughout the draw term.
Cash-out Refinance
Similar to a standard rate and term refinance, a cash-out refinance replaces your existing mortgage but allows you to receive funds from your home’s equity. The amount of cash you receive is added to the new mortgage balance.
Additionally, it allows you to get a lower interest rate if available — helping you save on your monthly mortgage payments while also giving you the resources you need to make improvements to your home.
Learn more about your options.
CrossCountry Mortgage, Inc. is ready to help you achieve your home financing goals. Whether you’re looking to use your home’s equity or to refinance, the company can match you with the right program for your needs.
For more information call Roy Stevens, Branch Manager at 419-756-1030 or email at rstevens@myccmortgage.com.
CrossCountry Mortgage, Inc. is located at 441 Lexington Ave., Mansfield, OH 44907
All loans subject to underwriting approval. Certain restrictions apply. Call for details. Failure to pay on your HELOC could damage your credit standing and result in the loss of your home through foreclosure. NMLS3029 (www.nmlsconsumeraccess.org). Equal Housing Opportunity.
