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Home Equity Loans In Los Angeles County

At Bankers Group our goal is to provide a full range of options to our clients.

What is a home equity loan (HELOC)?

A home equity loan (HELOC) is a revolving, open-end loan extended under a line of credit and secured by the borrower's residential property. This loan type allows owners to borrow against the equity in their homes using the home as collateral. Collateral is property pledged as a guarantee the debt will be repaid.

A HELOC is also known as a second mortgage and allows you to tap into your home's built-up equity which is the difference between the amount your home could be sold for and the amount still owed.

Homeowners often use a home-equity loan for home improvements, to pay for a new car, or to finance their child's college education.

Who are home equity loans right for?

A home-equity loan is a good way to borrow money for two main reasons:

1. The interest rate is usually one of the lowest loan rates a borrower can get.
2. The interest you pay on the loan is usually tax-deductible.

As an example:

Let's say you buy a house for $200,000. You make a down payment of $20,000 and borrow $180,000. The day you buy the house, your equity is the same as the down payment -- $20,000: $200,000 (home's purchase price) - $180,000 (amount owed) = $20,000 (equity).

Fast-forward five years. You have been making your monthly payments faithfully, and have paid down $13,000 of the mortgage debt, so you owe $167,000. During the same time, the value of the house has increased. Now it is worth $300,000. Your equity is $133,000: $300,000 (home's current appraised value) - $167,000 (amount owed) = $133,000 (equity)

If you have questions about a home equity loan (heloc), please contact Dorothy Reik directly at: 818-226-6100.

APPLY NOW

Dorothy Reik

818-226-6100

Likely before you came to Bankers Group, you were shopping around for a home loan in Los Angeles County to help you get the best financing deal on the market.

A mortgage ￿ whether it's a home purchase, refinancing, or home equity loan ￿ is a product just like a car. So, the price and terms may be negotiable. Shopping, comparing, and finding your way to Bankers Group may have saved you thousands of dollars.

Bankers Group is a mortgage broker center working in the Los Angeles County area. As brokers, we arrange transactions rather than lending money directly. In other words, we find a lender for you. Our access to several lenders translates to a wider selection of loan products and terms from which you can choose.

Maybe you were searching the Internet for a way to refinance your existing los angeles county home loan. Because refinancing involves many of the same steps you followed to get your current mortgage, the refi road may seem familiar. You may, however, face a few additional steps and different types of expenses.

To refinance means paying-off your current mortgage and taking out a new loan.

Homeowners opt to refinance for a multitude of reasons, but the most common is obtaining a lower mortgage interest rate to lower monthly payments. However, some other popular reasons to seek out a refinancing solution are building equity faster, changing a loan type to taking advantage of an improved credit rating or drawing on already built equity in the home.

To help determine if you're ready to refinance on a home loan in Los Angeles county, contact Dorothy Reik directly at Bankers Group:
818-226-6100.





Home Commercial Loans |   Escrow |  Hard Money |  Home Equity Loans | Home Mortgages | Refinance | |
Bankers Group   5311 Topanga Canyon Blvd. Suite 201    Woodland Hills, CA 91364
Cal BRE# 01233829 | NMLS ID# 294230 | BGIF, Inc. dba Bankers Group
PH: 818-226-6100 | Fax: 818-226-6111
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