HELOCs:
A flexible solution for savvy home finance!

A HELOC is a Home Equity Line Of Credit with low rates, flexible options and accommodating guidelines. These lines of credit have typically been used to leverage equity that you’ve built in your home, but today’s HELOCs can even be used to purchase a home! HELOCs are frequently recommended for recurring expenses such as college tuition, or multistage projects such as home renovations, or to hold in reserve for emergencies such as job layoffs.

One of our primary investors has embraced the equity market and has put together a flexible suite of products, with some features that we think will interest you!

Did you know…

• HELOCs can replace your existing first mortgage and can be used to purchase a home with up to 100% financing!
• There are programs available at prime rate minus 0.25%. The prime rate is current at 4.25% and has been around this rate for the last two years. So you could get a first loan as low as 4%!
• Many of the HELOC programs offer any easy conversion to a fixed rate program with no closing costs, direct through the investor/lender.
• You can qualify for HELOCs with full doc programs (requiring all employment, tax and asset information) or reduced doc programs (requiring less documentation, accepting stated income situations, etc.) There are even flexible credit score requirements (620+), so even those with average credit can qualify.
• You can use a HELOC as a first or second mortgage, and cash out equity as you need it at exceptionally low rates. There is no seasoning required for some programs, so depending on your first mortgage amount, some can take advantage of a HELOC right after the home purchase!
• Condos, Second Homes, 2-family owner occupied properties, rural properties and log homes are allowed under certain programs and guidelines, making HELOCs available to people who have never been able to take advantage of these programs before.
• The application process is no different than the usual mortgage process, and sometimes it’s even easier (especially if you’ve worked with Bauer before.) In some cases, reduced doc programs have very minimal documentation requirements.

Many of these features represent the highlights of an extensive range of HELOC programs. Each product has its own guidelines and each situation is different. We will work closely with you to figure out which program is the best deal for you.

At Bauer Mortgage, we’re here to help you understand and capitalize on the plethora of tools available to the public. We won’t just put you in a 30 year fixed rate product, or tell you that we know what’s best for you. Lucrative programs like HELOCs aren’t just for finance professionals anymore – they can be leveraged by any homeowner. We’ll work with you to understand your goals and will fully explain your available options in down-to-earth terms that you can understand.

If you have more questions about HELOCs, Bauer Mortgage would be happy to answer them. Please email us or call anytime at 603-430-7729!