* Must keep line/loan open for 36 months. My Mortgage Brokerage. Registered Mortgage Broker - NYS
Banking Department. Loans arranged through third party providers. Not a commitment to lend. Subject to
qualification and approval process. Equal Housing Opportunity.
Banking Department. Loans arranged through third party providers. Not a commitment to lend. Subject to
qualification and approval process. Equal Housing Opportunity.
Home Equity Loan/Line Eligibility
General Eligibility requirements
 | All borrowers have to be individuals, | |
| cannot be a corporate entity or a trust. | ||
| The existing mortgage cannot have | |
| "negative amortization" feature. | ||
| Loan/Line must be in at least second | |
| position. Existing 2nd second mortgage must be paid off. No 3rd mortgage. |
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Home Equity Line
Eligible Properties
 | 2 to 4 family | |
| Condominiums * | |
| Cooperatives * | |
| Mixed use** | |
| Second home *** | |
| Investment property **** |
* must be FNMA approved projects
** Maximum Combined Loan-To-Value = 80% for
**** For investment properties, max CLTV =
89.99%, eligible properties = single family
residence, duplex and condominium. Applicant
pays closing costs
HELOC Features
| 10-year withdrawal, interest only payment | |
| period, thereafter 20-year principal and interest repayment period | ||
| Interest rate pegged to Prime rate | |
| Interest rate capped at 18% | |
| $50 annual account maintenance fee | |
| No income verification available if credit | |
| scores are 680 or higher (signed 4506T required) | ||
| $1,000,000 line available (Full income | |
| documentation and max. LTV 80%) |