As Academy Mortgage gears up for a great year in 2013, we are proud to kick off the year with a new product announcement, a home equity line of credit up to 90 percent loan-to-value (LTV).
Home equity lines of credit (HELOC) allow homeowners to borrow money against the value of their home, and many choose to do this in order to finance a home renovation that will add value to their home or to help with college tuition. The LTV ratio is the amount you can borrow, and is generally 75 to 80 percent of your home’s current appraised value minus what you owe on your first mortgage. Academy Mortgage’s new product allows homeowners to borrow up to 90 percent of their home’s value minus what they owe on their first mortgage.
This is a great benefit for all new homes Atlanta buyers, and especially those purchasing a home in the $500,000 to $700,000 price range. Buyers of homes up to $650,000 will be able to have a low conforming rate (one that meets the underwriting requirements set forth by government-sponsored entities), put 10 percent down and have two mortgages under 3.5 percent!
For more information and weekly updates on the mortgage industry, be sure to check out Travis Evans, our branch manager, on Atlanta’s Best New Homes TV, which airs each Sunday morning at 10:30 a.m. on Fox 5. For more information on Academy Mortgage, visit our website.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.