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Home Equity Line of Credit (HELOC)

A home equity line of credit, often thought of as a second mortgage allows the dispersal of the loaned funds at any time the borrower chooses, instead of all at once like a traditional mortgage.

HELOCs are a great way to get money you need for other things: college, credit card payments, and unexpected expenses. On every HELOC, there is a “draw period,” typically 5-15, years during which a borrower can use the funds from a HELOC, and a “repayment period,” usually 10-20 years, to repay the loan.

Some HELOCs can be converted to fixed-rate loans

If you make a large draw, that amount may be able to be converted to a fixed-rate loan at the time of drawing, giving you options when you run into large expenses.

Blue Water Mortgage is licensed in New HampshireMaineMassachusettsConnecticutFlorida, North Carolina, Colorado, Texas, Georgia, and South Carolina.

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All HELOCs are variable rate loans. HELOCs have some great advantages:

  1. Pay interest only on what you draw
  2. Interest only accrues on what has been drawn from the line of credit, allowing you to only pay interest on what you need at the time.
  3. Closing costs are relatively low
  4. Closing costs on a HELOC are usually less than half of those on a standard loan.

If you are interested in taking out a home equity line of credit, talk to one of our brokers today.

Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
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As a first time home buyer my experience with Blue Water Mortgage was excellent. Jim Collins was recommended to me by my real…

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Working with Blue Water Mortgage Corp was a great experience. My wife and I could not be happier with the process. We felt li…

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Frequently Asked Questions

How many months of bank statements do I have to provide?
How many years of income do I need to show if I’m a self employed borrower?
Should I dispute any accounts listed on my credit report?
How do Open Charge Cards (AMEX) impact my debt ratio?
How does Student Loan Debt impact my debt ratio?

The Mortgage Process

Blue Water’s mortgage loan process timeline involves a series of five steps, some of which require sitting down with one of our experts to analyze all aspects of your financial health. Here’s what you can expect:
Getting to Know You & Getting On Track
In our first meeting, we’ll answer your questions and talk about the programs we offer that would best fit your situation.
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Getting Pre-Qualified
The next step in the mortgage loan process is applying for pre-qualification, which enables us to confidentially verify your credit, income, assets, and liabilities.
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Assessing Loan Programs & Rates
At this point, we’ll start to sort through and evaluate which mortgage best fits your needs.
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Obtaining Loan Approval
Once you’ve submitted your loan application, we’ll work with our lenders to help find you the best rate and most favorable terms possible.
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Closing the Loan
After your loan is approved, we’ll review the details once more to make sure you feel confident about the financial commitment you are about to make. Once all of your questions are answered, we will schedule a closing.
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Home Loan Resources

10 Questions to Ask When Buying a Home
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Determine just how much you’re able to afford on a monthly basis to ensure you’re not in over your head with your monthly mortgage payments.

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Please be advised that your actual rate, payment, and cost could be higher. Get an official Loan Estimate before choosing a loan. This estimate is provided for informational purposes ONLY, to assist you in determining an estimate of cash that may be required to close and an estimate of your proposed monthly mortgage payment. Actual charges may be more or less, and your transaction may not involve a fee for every item listed.

Rate and APR based on the following assumptions: Purchase Price of $250,000, loan amount of $200,000, 75% loan to value, 780 credit score, single family property, primary residence, escrowing taxes and insurance, debt ratio within program guidelines.

Rates posted are effective as of 9/24/2024.