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Home Equity Loan

At Minnesota Mortgage Rates we offer many types of second mortgages and home equity lines of credit. We have second mortgages that are fixed rates and the payment is amortized over 30 years therefore making the payment easy on your pocketbook.

We have lines of credit that you can take draws on for 10 years after it is opened.

Minnesota Mortgage Rates in also able to offer stated income programs for second mortgages. This means that you don't need to show your income or assets. These are very inexpensive and easy to get done.

Also keep in mind that Minnesota Mortgage Rates has the 125% home loan that can be used for any purpose you need cash. In most cases this interest is tax deductible and can help to save money on your taxes.

 

Example of a Home Equity Line of Credit

Appraised Value of Home = $210,000.00

1st Mortgage of = $150,000.00

Equity in this home is = $210,000.00 - $ 150,000.00 = $60,000.00

Home Equity Loan = $60,000.00

We can go to 100 % loan to value if needed or even 125% loan to value on a Home Equity Line of Credit. Another important note is that the higher loan to value you go, the higher your interest rate will be.

 

Contact

Matt Jensen
1748 Heron Lane
Mound, MN 55364
Telephone: 763.229.8436
Fax: 952-216-0046
mjensen@diversifiedlender.com

 


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