Home Equity Line of Credit
A home equity line of credit from CMI offers you ready access to credit, whenever you need it. Not only can you borrow what you need at the exact moment you need it, you can get that money at a far lower rate than personal loans or credit cards offer.
Line of Credit
Perfect for a secured debt consolidation, credit repair and renovations and business loans!
Benefits of a HELOC
A HELOC (home equity line of credit) is a flexible borrowing solution. Using the equity in your home as collateral, the HELOC gives you access to a pool of credit. You decide how much of that credit you need at any given time, and you repay it as soon as you are able.
A HELOC is much more versatile than a loan. With a loan, you need to re-apply each time you need more funds. With a line of credit, you can borrow small amounts, up to your limit, with no need to go through the application process again.
With significantly lower interest rates, HELOCs are also much more affordable than traditional personal loans and credit cards.
When You Might Need a HELOC
Because the funds are available for immediate use, a HELOC can come in handy for all kinds of unexpected expenses:
- medical or health care expenses
- helping your small business through tough times
- managing your expenses during layoffs or slowdowns in employment
A HELOC is also a great way to finance projects around the house, like renovations or emergency repairs.
The funds from a HELOC can also be used to pay off high-interest debts and consolidate all of the money you owe into one monthly payment. In fact, debt consolidation is one of the areas of specialization at CMI. Our mortgage experts can evaluate your current situation and recommend the best course of action to help you get a handle on your debt.
CMI Home Equity Credit Lines
As experienced mortgage professionals with access to over 200 lenders, we offer a wide range of home equity products for all kinds of borrowers:
- First position HELOC up to 85%
- Self-employed LOC up to 85%
- LOC for borrowers with past credit problems up to 85%
- Second position equity line of credit up to 85%
- Combined first and second mortgages up to 95%
Fast, Professional Service
At CMI, we understand that the decision to borrow money is not an easy one. For that reason, we strive to make the entire process as simple as possible for you. Our certified mortgage brokers offer professional, courteous service, making sure that you get the borrowing option that suits you best.
To find out more about a CMI home equity line of credit, use our online form or call us to book a free, confidential consultation.