When it comes to accessing the equity in your home, OmniAmerican offers Home Equity Loans along with a knowledgeable staff to assist you during the loan process.
What is Home Equity Lending?A Home Equity Loan is a loan that allows you to borrow against the equity in your home for any purpose other than the purchase of that home. The difference between the balance on your mortgage and the current appraised value of your home is the equity in your home. What can you do with a Home Equity Loan?
Most importantly, you can save money with a Home Equity Loan. Your monthly payment may be lower, you'll save money on finance charges and the interest may be tax deductible. Please consult a qualified tax advisor for more details. Two options for Home Equity Lending1. Traditional Home Equity Loan:To estimate how much you may be able to borrow with an OmniAmerican Home Equity Loan, use the following worksheet:
2. Cash out RefinancingCash out refinancing allows you to refinance your existing first mortgage at 80% of the fair market value.
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