Florida Mortgage Rates
Bill Meyers,  Loan Consultant
Phone: 239-566-8484
Toll Free 877-994-9589
Naples Florida
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Home Equity Loans

Home equity loans come in 3 basic forms, adjustable rate lines of credit, fixed rate equity loans and a hybrid version which is a combination of an adjustable rate line of credit with the option to fix all or portions of the loan in the future.  The fixed rate loan is fully funded at closing and the rate does not change.  Payments are amortized for 5 to 20 or in some cases 30 years.  Both fixed and adjustable equity loans may also be combined with a new first mortgage on purchase and refinance transactions.  This combination can eliminate the need for private mortgage insurance.

The home equity line of credit offers the advantage of paying interest on the actual amount being used.  For instance, if you take out a $100,000 line of credit and only are currently using $50,000, you pay interest only on the $50,000 and the remaining $50,000 is available for future use.  Home equity loans sometimes offer a Fixed Rate Loan Option.  Using the previous example, you could lock in the $50,000 at the current fixed rate and still have the remaining $50,000 available at a floating rate.  If later on you needed additional funds, the process could be repeated until the entire line is used.  Payments are based on interest only.

Closing costs
Home equity loans normally have lower closing costs than regular 30 year mortgages.  In most cases the lender will pay all of the closing costs if the property is your primary residence.

How rates are calculated
The typical home equity line of credit rate is based on an interest rate index (usually Prime Rate) plus a margin which may even be a reduction.  Some lender will offer a margin discount if you open up a checking account and have your payments auto-debited from that account.  Prime rate is the base rate on corporate loans posted by at least 75% of the nation's 30 largest banks.  The margin is determined when the loan is originated  and varies with credit scores, loan to value ratio and use of property.  The index changes due to market forces and Federal Reserve policy. 

Income and asset verification
In most cases income and assets are stated on your loan application but are not verified.

 

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This website is not a solicitation for mortgage brokers
Rates vary with geographic location, transaction type, credit scores and other factors
APR is abbreviation for annual percentage rate
Rates change frequently and these rates may not reflect the latest market conditions
Expressed interest rate may change or be unavailable at commitment or closing
Most rates based on primary residence, purchase transaction
Cash out refinance rates may be slightly higher
Some loans may have pre-payment penalties
Rates on some programs may require higher down payments
This is only a brief summary of rates and programs and possible fees, call for additional information on underwriting requirements
and program limitations.  Guidelines posted here are general in nature and subject to change without notice. 
Rates must be locked by phone or in person.
Mortgage calculators are believed to be accurate but results are not guaranteed
All information published on this web site is believed to be accurate but cannot be guaranteed, errors may occur
This site has been built and is maintained by Bill Meyers

Bill Meyers is employed as a  mortgage loan consultant for one of the nation's largest residential lenders.  Bill works as an employee and not a mortgage broker.  This is Bill's personal web site and not the official web site of  any bank or mortgage company.  Please consider all information posted on this site to be general in nature and representative of mortgage rates and policies that may be available from various sources.  Bill is located in Naples Florida.  Bill can be reached on his cell phone at  239-566-8484  or toll free at 877-994-9589.  Please call for additional information.
 

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