Financing ~ Mortgage Products

"Cash out" Refinancing – For owners with equity in their homes.

• Appraisal is performed
• Loan amount based on "as is" value of appraisal
• Settlement occurs
• Funds are dispersed

Home Equity Line of Credit (HELOC) – For owners with equity in their homes who want to keep their existing mortgage.

• Appraisal is performed
• Loan amount based on combined loan to value (CLTV)
• Interest rate based on credit score
• Settlement occurs
• Funds become available on a line of credit

Construction/ Permanent Financing – Typically for major renovations and new home construction.

• Appraisal is performed based on architectural plans, specifications and construction agreement (value of project upon completion)
• Remaining funds dispersed via construction draws as work is completed
• Upon completion & final inspections, the loan modifies to the previously agreed upon permanent loan terms

Construction Financing – For very large projects where permanent financing is undetermined.

• Appraisal is performed based on architectural plans, specifications and construction agreement (value of project upon completion)
• Settlement occurs and existing liens on property are retired
• Remaining funds dispersed via construction draws as work is completed
• Upon completion and final inspections, owner applies for a permanent mortgage

Fixed Rate Second Mortgage – Owners that have a low rate first mortgage which they prefer to keep, and seek the security of a fixed rate second mortgage.

• Appraisal is performed
• Loan amount based on "as is" value of appraisal
• Settlement occurs
• Funds are dispersed