Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 10
Mortgage subservicer LoanCare has announced that it is now offering a Home Open Mortgage Loan Limit (HELOC) to lenders nationwide.
The Virginia Beach-based company provides loans to all 50 states and is part of Fidelity National Financial, a leading provider of title insurance and transaction services to the real estate and mortgage industries.
With the launch of the HELOC offering, LoanCare now offers a split, fully amortized, interest-only HELOC and brokerage service.
Unlike a home equity loan, where the homeowner borrows a fixed amount and then pays it back regularly over a set repayment period, the HELOC allows the homeowner to obtain a permanent home loan while providing a line of credit. of credit.
Amount If required, this is the amount,” LoanCare said in a statement. “If you repay the loan balance with a revolving debt product, you can borrow it again during the drawdown period.”
LoanCare deeply understands the unique nuances of maintaining a HELOC, including knowing what to show on your monthly statement, making sure interest calculations are correct, and setting up your HELOC properly during loan origination.”
Dave Worrall, chairman of LoanCare, said: “Mortgage lenders are offering cross-selling opportunities to their existing portfolios and we expect equity lending to grow significantly over the next few years.” We can confidently offer this important product to our customers.”
Reference Source: MPA
