"When taking out a HELOC, customers can access up to 80% of their home's value without altering their current mortgage rate, providing customers with an efficient way to turn their equity into funds. As home valuations reach historic highs, homeowners are looking for more options to tap into their home's equity. We're proud to offer customers the ability to secure a HELOC through Chase, said Erik Schmitt, digital channel executive at Chase."
"Borrowers can access between $25,000 and $400,000, with the option to take at least 85% of their line as a lump sum and draw from the remainder over the next three years. For repayment, customers can choose to pay down the principal at any time or make interest-only payments for the first 10 years, followed by 20 years to repay the balance."
"In tandem, Chase has also launched a HELOC calculator to help customers understand how much equity they can borrow against. Customers can enter details about their home and get an estimate of their rate, monthly payment and potential fees. Additionally, borrowers looking to change their mortgage terms and tap into their home's equity are still able to do so with Chase through a cash-out refinance. The HELOC product is available to qualifying customers nationwide, excluding Texas."
Chase's HELOC allows homeowners to access up to 80% of their home's value without altering existing mortgage rates, enabling efficient use of equity for renovations, debt consolidation, or other needs. Borrowers can obtain between $25,000 and $400,000, with at least 85% of the line available as a lump sum and the remainder accessible over three years. Repayment options include paying down principal at any time or making interest-only payments for the first 10 years, followed by a 20-year repayment period. Chase launched a HELOC calculator to estimate rates, monthly payments and fees. The product is available to qualifying customers nationwide, excluding Texas. Cash-out refinances remain available for borrowers seeking different mortgage terms.
Read at www.housingwire.com
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