Payment is Interest-Only and you only pay on what you use.
•Have a Home Equity Line in place for you so that you do not miss future investment opportunities.
•Being able to offer cash out without disrupting your current first mortgage rate will offer opportunities down the road
1. Break up a Jumbo transaction into a conforming first and a second for less restrictive DTI and cash reserve requirements or avoid high balance pricing.
2. Take a 90% CLTV or less loan with a DTI issue, add a second to pay off debt to qualify.
3. Make first mortgage a rate and term and use second to eliminate first mortgage adjustment for cash out.
4. Close your purchase with 20% down and then take cash out immediately to recapture the down payment
5. Use as a stand-alone to keep your low first mortgage rate
6. Use a Home Equity product to avoid excessive agency LLPAs for second homes.