Real Estate Equity Mortgage Loans
Unlock Your Equity for Life's Needs with a Loan or Line of Credit

We offer fixed-rate Mortgage Equity Loans and variable-rate Equity Lines of Credit (HELOCs) to suit your needs. With these products, you can borrow up to 65 percent of the value of your property.

If you have enough equity value, you may be able to pay off some of those pricey credit card debts and save money. Credit card interest rates are usually much higher than mortgage interest rates. Also, the interest on your equity mortgage may be tax deductible while the interest on your credit card is usually not (Consult your tax advisor).

Whatever your immediate cash needs, a Greatland Financial Equity Loan or Line of Credit gives you the power to tap into the equity of your property. Securing your Line of Credit today offers you financial security for the future, should you ever need quick access to cash.

What are a Real Estate Equity Loan and Equity Line Credit?

A Second Mortgage loan is a loan secured by the equity in your real estate investment property. Equity is the difference between the "value" of the investment property and the "balance" of the existing mortgage on the property. Equity is fast becoming one of the most valuable assets in this country. Real Estate investors and property owners can borrow against the equity for a variety of reasons and benefits.

There are two types of equity loans: term, or closed-end equity loans, and lines of credit (HELOC). Both are usually referred to as second mortgages, because they're secured by your property, just like your original (first) mortgage. Equity loans and lines of credit are usually for a shorter term than first mortgages.

How does an Equity Loan Work?

A closed-end real estate equity loan, or term loan, is provided to you as a one-time lump sum that is paid off over a set period of time, with a fixed interest rate and equal payments each month. Once you get the money, you cannot borrow further from the loan.

How does an Equity Line of Credit Work?

A HELOC works more like a credit card. You are allowed to borrow up to a certain amount over the life of the loan -- a time limit set by the lender. During that time, you can withdraw money as you need it. As you pay off the principal, your credit revolves and you can use it again. This gives you more flexibility than a fixed-rate equity loan.

Credit lines have a variable interest rate that fluctuates over the life of the loan. Payments will vary depending on the interest rate and how much credit you have used. When the life span of a line of credit has expired everything must be paid off. A lender may or may not allow a renewal.

Lines of credit are accessed by specially issued checks or a credit card. Lenders often require you to take an initial advance when you set up the loan, withdraw a minimum amount each time you dip into it and keep a minimum amount outstanding.