Barrington Capital Mortgage

Home Equity

Home Equity Loan: A fixed rate, fixed term loan. The entire amount of the loan is funded at closing. Terms can vary from 5- 30 years. A typical example would be a 30/15. A 15 year loan that has payments amortized over 30 years that is due in 15 years.

Home Equity Line of Credit: (HELOC): A home equity line is a form of revolving credit in which your home serves as collateral. Because your home is likely to be your largest asset, you should consider a home equity line of credit for the purchase of 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-meaning the maximum amount you can borrow at any one time while you have the plan. Since you can get approved for an amount of credit now and not access the funds until you need them, a home equity line of credit is a good choice if you simply want to ability to access cash as you need it.
With our home equity loan, you'll have the ability to access funds, up to the amount of your credit limit, by simply writing a check. A supply of checks will be sent to you after closing.
The monthly payment for a home equity loan is typically based on your daily balance and the daily interest rate.

*The Prime Interest Rate as published by the Wall Street Journal.

Payment Processing

5000 Birch Street, 6th floor Newport Beach, CA 92660 Toll Free: 800-310-1656 Fax: 949-660-5627

© Copyright Barrington Capital Mortgage. All rights reserved.