The 10% Home equity Line of Credit has a 30 yr Term
First 10 years with min I/O payments; 20 year repay period;
$50 annual maintenance
OWNER OCCUPIED ONLYâ€“ no second homes; non owner or non-owner occupants
Single family homes/condos and O/O duplexes OK. No triplexes or fourplexes.
The HELOC will subordinate behind an "amortized" ARM 1st loan, not an "Interest Only".
Let me know if we can assit
Have a great day.
Your ratios can not exceed 38/45 (no exceptions)
The second rate will be based upon the Prime Rate. Prime + 1.99% = 5.24% (start rate based on Prime@3.25%). 1.99% is the margin added to Prime Rate for a 80/10/10.
There is no prepayment penalty on the second mortgage, so you will be able to pay this off rapidly.
If you would like more info you may email me at email@example.com.
I am located in Fremont, CA so very close to SJ. cg