Home Equity Lines of Credit

Home Equity Loans

Are you a Florida homeowner in need of cash but don't want to lose your existing great low fixed rate mortgage? Hallmark Mortgage Services works with over 50 mortgage lenders who offer both home equity lines of credit and home equity loans. As a result, many homeowners can easily tap the equity they've build up in their home without having to do a cash out refinance or debt consolidation loan. With our advanced communication tools and in house resources, our team of professional loan officers can quickly and effectively identify who is offering the lowest rate and best repayment terms for a Florida home equity line of credit or home equity loan! Can't verify your income? That's ok, too, we can help many borrowers with a great No Income Verification equity line! Let us help you get the right equity line and lock in a great low rate! Call today at 1-866-358-2898 or just use our quick mortgage application for a fast response on your schedule!

Home Equity Mortgage Loan Programs

So what is the major difference between home equity loan and home equity line of credit? Both a home equity line and a home equity loan are just two types of second mortgage programs. Both offering unique advantages to any homeowner.

With a home equity loan, your loan amount is a lump sum payment at close, with the repayment terms being fully amortized. This means, during the loan repayment period, you are required to pay both a principal and interest amount together each month. The primary advantage to this type of program is the immediate principal pay down, lower rates, and expanded traditional fixed rate options. Want more information on a home equity loan? Call today at 1-866-358-2898!

The home equity line is a bit different. Like a revolving line of credit, during the draw period a homeowner can reuse the same credit line to draw funds multiple times. Traditionally, you are required to take a minimum draw at closing up to the approved maximum amount of your home equity line of credit. You can elect to draw available funds in portions, as and when you require them, but you will always need to draw the minimum amount required by the Florida mortgage lender. Like many interest only mortgage options, you pay only the interest portion of the home equity line of credit during the draw period, after which, the loan becomes fully amortized for the remaining period of the loan. To see if you qualify for a home equity line of credit, just give us a call today at 1-866-358-2898 or use our quick mortgage application!

Home Buyer Options

As a Florida home buyer, you might find yourself in a position of not having the funds you need to close on a home using just a traditional single mortgage program solution. As a leading Florida mortgage company, we work with a huge assortment of Florida lenders enabling us to offer many of our customers more choices and more options. Our home buyer program list is broad in its range, allowing us to close more loans, offer some of Florida's best rates, best service and create real Florida mortgage solutions. In some instances, we don't need to originate the first mortgage in order to assist you with secondary financing using a home equity line of credit or home equity loan. Why not give us a call to find out more! Call 1-866-358-2898 or just use our quick mortgage application. It's fast, easy and we think you'll be pleasantly surprised!