Quick Equity
Home Equity Line of Credit
Quick Equity 1
- Line of credit up to $25,000
- This is an open-ended line of credit
- No Appraisal required for home owners with a Loan to Value ratio of 80% or less*.
- Minimal closing costs** which can be rolled into the loan.
- Affordable monthly payments.
- Predictable due date- payments always due on the 28th of the month.
- Adjustable Annual Percentage Rate with a minimum of 5.000% and a maximum of 14.000%
Quick Equity 2
- Line of credit up to $25,000
- This is an open-ended line of credit
- For home owners with a Loan to Value Ratio up to 100%***. Appraisal not usually required*, however certain loan conditions may require a formal appraisal.
- Minimal closing costs** which can be rolled into the loan.
- Affordable monthly payments.
- Predictable due date- payments always due on the 28th of the month.
- Adjustable Annual Percentage Rate is calculated as the Prime Rate plus 2.000% with a minimum of 6.000% and a maximum of 14.000%.
Other Things You Should Know
The QE 1 and QE 2 are revolving lines of credit that use the equity in your home as security. This means that if you fail to make your payments you may put your home ownership in jeopardy. The monthly payment amount is calculated as 1.000% of the outstanding balance with a minimum payment of $50.00.
The Annual Percentage Rate (APR) for the QE1 is adjustable based on the Prime Lending Rate as published in the Money Rate Section of the Wall Street Journal. If the Prime Rate changes the rate on the QE1 will adjust on the 1st day of the following month. The QE1 has a minimum APR of 5.000% and a maximum of 14.000%.
The Annual Percentage Rate (APR) for the QE2 is adjustable based on the Prime Lending Rate as published in the Money Rates Section of the Wall Street Journal. It is calculated as the Prime Rate plus 2.000% with a minimum APR of 6.000% and a maximum of 14.000%. If the Prime Rate changes the rate on the QE2 will adjust on the 1st day of the following month.
Quick Equity Inquiry
Interested in this product or want to learn more? Let Donna, our VP of Lending know! We promise we won't spam you or share your email with anyone. Just simply fill in the fields below.
QE 1 **Closing Costs include: HVE and Property Condition Report ($59), Title Policy (Ranges from $375 to $400 depending on the location/size), Recording of Mortgage ($30), and Flood Search ($15). Total would be $479 to $504.00 in closing costs.
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