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Fresh Home Loan Inc., now offers HELOCs

Home Equity Lines Explained

Garrick Werdmuller, President and CEO Fresh Home Loan Inc.

With mortgage interest rates doubling earlier this year and equity being at an all time high. A home equity line of credit is a solid choice for homeowners…

The process is quite quick and painless. We’ve been offering them for a while now as many other brokers jump on the bandwagon. — Garrick Werdmuller, President/CEO Fresh Home LoanALAMEDA, CALIFORNIA, USA, Aug. 24, 2022 /EINPresswire.com/ — The 3 things to look out for when getting a home equity line of credit in California.

With prime mortgage interest rates doubling earlier this year and equity at an all-time high…for now. A home equity line of credit is the solid choice for homeowners looking to improve their home, consolidate debt, or even just have it for unexpected expenses and emergencies.

“The process is pretty quick and painless,” says Garrick Werdmuller, President and CEO of Fresh Home Loan Inc. is fun, but reviews aren’t usually necessary, and the process can be as quick as a 30-day closing.

What is a home equity line of credit?
A home equity line of credit, or HELOC, is a second mortgage that gives a homeowner access to cash based on the value of their home. A borrower can tap into a home equity line of credit and pay off all or part of it monthly, much like a credit card.

With a HELOC, one can borrow against home equity, which is the value of the home minus the amount one owes on the primary mortgage. You can also get a HELOC if the house is owned, in which case the HELOC is the primary mortgage rather than a second.

Three things to watch out for:

1. IT’S AN ADJUSTABLE LOAN: A home equity line of credit or HELOC is tied to the index prime rate that goes up and down with the federal funds rate. The prime index is 3% above the federal funds rate. A HELOC has a margin above the prime rate which becomes the borrower’s actual rate.
2. KNOW YOUR MARGIN: A “margin” on a HELOC or home equity line of credit is the difference between the index prime rate and your actual rate. The real rate is PRIME + the margin. The margin varies depending on the lender you choose, your capital and the amount of credit you choose to request.
3. KNOW YOUR CLOSING COSTS AND PENALTIES: Beyond rate and margin, your HELOC will have closing costs and penalties. Be sure to review the estimates with your loan officer and make sure you’re aware of anything that can happen with the line closing “early.”

Program Highlights:
oPurchase and autonomous seconds.
o89.99% loan to value
o First and second homes
oMinimum Fico 680
oLine amounts up to $500,000
oInterest only payments available

A minimum drawdown of $50,000 is required and can be redeemed after the first installment. The loan is for a term of 30 years with an interest only period of 10 years and a repayment of 20 years after the first 10 years.

Ideal for :
o Home improvement
o Debt consolidation
oEmergency fund
oBridge funds for the purchase of a house
Purchase financing to avoid mortgage insurance

Ideal for :
o Home improvement
o Debt consolidation
oEmergency fund
oBridge funds for the purchase of a house
Purchase financing to avoid mortgage insurance

For more information or to get a quote, go to:

Or contact me at:
Garrick Werdmuller
President and CEO
Fresh Home Loan Inc
510.282.5456 call/text

NMLS 242952

All loan approvals are conditional and unsecured and subject to the lender’s review of all information. The loan is conditionally approved when the lender has given written approval, but until all conditions are met, the loan cannot be funded. Les taux et[produitsspécifiéspeuventnepasêtredisponiblespourtouslesemprunteursTarifssujetsàchangementenfonctiondesconditionsdumarchéetdesheuresdeverrouillageconvenuesparl’emprunteurFreshHomeLoanIncestuncourtierenhypothèquesoffrantl’égalitédeschancesenCalifornieCetitulaireaccomplitdesactespourlesquelsunelicenceimmobilièreestrequiseFreshHomeLoanIncestautoriséparleCaliforniaDepartmentofRealEstate#02137513NMLS#2124104[productsmaynotbeavailabletoallborrowersRatessubjecttochangeaccordingtomarketconditionsandagreeduponlocktimessetbyborrowerFreshHomeLoanIncisanEqualOpportunityMortgageBrokerinCaliforniaThislicenseeisperformingactsforwhicharealestatelicenseisrequiredFreshHomeLoanIncislicensedbytheCaliforniaDepartmentofRealEstate#02137513NMLS#2124104[produitsspécifiéspeuventnepasêtredisponiblespourtouslesemprunteursTarifssujetsàchangementenfonctiondesconditionsdumarchéetdesheuresdeverrouillageconvenuesparl’emprunteurFreshHomeLoanIncestuncourtierenhypothèquesoffrantl’égalitédeschancesenCalifornieCetitulaireaccomplitdesactespourlesquelsunelicenceimmobilièreestrequiseFreshHomeLoanIncestautoriséparleCaliforniaDepartmentofRealEstate#02137513NMLS#2124104[productsmaynotbeavailabletoallborrowersRatessubjecttochangeaccordingtomarketconditionsandagreeduponlocktimessetbyborrowerFreshHomeLoanIncisanEqualOpportunityMortgageBrokerinCaliforniaThislicenseeisperformingactsforwhicharealestatelicenseisrequiredFreshHomeLoanIncislicensedbytheCaliforniaDepartmentofRealEstate#02137513NMLS#2124104

Garrick Werdmuller
Fresh Home Loan Inc
+1 510-282-5456
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