Home Equity Line of Credit with No Fees (HELOC)

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Cash out the equity in your home with a No Fee Home Equity Line of Credit!
Use the money for just about anything you want!

Take advantage of your home's equity with the Home Equity line of Credit from Brown Lending Group. You'll pay NO closings costs, application or monthly fees. The interest may be 100% deductible.

With no fees you'll have more money to spend on the things you enjoy. Imagine the possibilities.

Call one of our loan specialist today and start saving! 

No fees mean more savings for you.

·  No application fee
·  No closing costs
·  No early closure fee
·  No fees for convenience checks
·  No fees for online banking
·  No fees for balance transfers
·  No fees to convert to a Fixed Rate Option

Our professional staff works with you!  We may be able to get you a loan even if you have been turned down before.  Our mortgage programs include a variety of financing options… competitive interest rates and personalized service…

Ask yourself this: "Should I refinance and take cash out?"

1.  Please consult your tax advisor and IRS Publication 936 (Home Mortgage Interest Deduction) regarding interest deductibility.
2.  You may convert any or all of your variable rate principal balance to a fixed-rate and fixed-payment option. The minimum amount which can be converted is $5,000. Please refer to your complete agreement for terms of your Fixed Rate Loan Options. Some restrictions may apply.

What is a home equity line of credit?

A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses.

With a home equity line, you will be approved for a specific amount of credit--your credit limit, the maximum amount you may borrow at any one time under the plan. Many lenders set the credit limit on a home equity line by taking a percentage (say, 100 percent) of the home's appraised value and subtracting from that the balance owed on the existing mortgage. The percentage may be from 75% to 125% based on credit, LTV, and debt ratio. For example,

Appraised value of home                        $100,000 Percentage                                               X   100% Percentage of appraised value            = $ 100,000 Less balance owed on mortgage         ─ $   40,000 POTENTIAL CREDIT                                 $   60,000

May go up to 125% based on credit, LTV, and debt ratio.

In determining your actual credit limit, the lender will also consider your ability to repay, by looking at your income, debts, and other financial obligations as well as your credit history.

Many home equity plans set a fixed period during which you can borrow money, such as 10 years. At the end of this "draw period," you may be allowed to renew the credit line. If your plan does not allow renewals, you will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period (the "repayment period"), for example, 10 years.

Once approved for a home equity line of credit, you will most likely be able to borrow up to your credit limit whenever you want. Typically, you will use special checks to draw on your line. Under some plans, borrowers can use a credit card or other means to draw on the line.

There may be limitations on how you use the line. Some plans may require you to borrow a minimum amount each tome you draw on the line (for example, $300) and to keep a minimum amount outstanding. Some plans may also require that you take an initial advance when the line is set up.

This calculator will help you to decide whether or not it would be advantageous for you to refinance to take cash out.  Not only will this calculator calculate the monthly payment and net interest savings (if applicable), but it will also calculate how many months it will take to break even on the closing costs (if applicable).

Click here for "Mortgage Consolidation and Refinancing" calculator.