Home Equity Line of Credit Minimize

If you need to borrow money to pay off debts or make a major purchase, a home equity line of credit (HELOC) can be useful. A HELOC is a form of revolving credit secured by the equity in your home. This is an open ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The interest rate fluctuates (typically monthly).

With a HELOC, your lender will approve you for a specific amount of credit - the maximum amount you may borrow at any one time under the plan. In determining your credit limit, your income, debts, credit history and other financial obligations will be reviewed. An appraisal will be required on your home to determine the home's market value. Your credit limit will be based on a percentage of your home's appraised value, which is then subtracted from the balance owed on your existing mortgage.

When you take out a HELOC, you pay for many of the same expenses as when you financed your original mortgage, such as an application fee, title search, appraisal, attorneys' fees, and points (a percentage of the amount you borrow).

Most HELOCs have a fixed period (5, 10, even 20 years) during which you can borrow money. Typically, you will use special checks or a credit card to draw on your line. You will be required to make a minimum payment each month – usually the interest that accrued during the draw period. However, the interest you pay is usually tax deductible. At the end of your "draw period," you will be required to pay off the loan, making monthly payments on the principal and interest.

MMW Holdings, LLC d/b/a Trident Home Loans, d/b/a Trident Mortgage is an Equal Opportunity Lender, and is licensed by: the Alabama Banking Department as a mortgage broker, #21149; the California Department of Business Oversight under the California Finance Lenders Law, license #603H520; the Florida Office of Financial Regulation as a mortgage lender, #MLD192; the Georgia Department of Banking and Finance as a mortgage lender, #23097; the Indiana Secretary of State as a mortgage broker, #65716; the Louisiana Office of Financial Institutions as a mortgage lender, #LA-C-01326; the Maryland Commissioner of Financial Regulation as a mortgage lender, #06-20385; the Minnesota Department of Commerce as a residential mortgage originator, #MN-MO-65716; the Mississippi Department of Banking and Consumer Finance as a mortgage broker, #65716; the Oklahoma Department of Consumer Credit as a mortgage broker, #MB001422; the Tennessee Department of Financial Institutions as a mortgage broker, #109389 and the Washington Department of Financial Institutions as a mortgage broker, #MB-65716.

TEXAS CONSUMER COMPLAINT &

RECOVERY FUND NOTICE

Figure:  7 TAC §80.200(b)

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

 

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."



Trident Home Loans is also registered with the National Mortgage Licensing System, NMLS #65716

Trident Home Loans is also registered with the Colorado Division of Real Estate
Trident Home Loans is not responsible for any typographical errors or omissions.

Home    |    Apply Now    |    Loan Process    |    Loan Products    |    Contact Us