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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.

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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.

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?

Blue Water’s team has over 100 years of collective mortgage experience we have the knowledge and ability to get your loan closed on time with the best terms and lowest rates for you.

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?
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Blue Water Mortgage Customer Reviews

The loan experience could not have been any better. As a first-time Home Buyer, I had questions and Blue Water Mortgage was willing and able to answer them all.  I would recommend Blue Water to anyone looking for a home mortgage.

Jane S. Bedford, NH

I would recommend the organization with a 10 out of 10. They worked through a ton of grey area to get through a few last minute road blocks. I really felt like they were putting in the extra effort for me. I would absolutely recommend Blue Water to any first time home buyer.

Dan V. Kittery, ME

My experience with Blue Water Mortgage was fantastic. The representatives were very professional and treated me as though I was their most important customer. I was a first time home buyer and Blue Water Mortgage took the stress out of a normally stressful process.

Chris D. Longmeadow, MA

Home Loan Resources

10 Questions to Ask When Buying a Home
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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, 80% loan to value, 740 credit score, single family property, primary residence, escrowing taxes and insurance, debt ratio within program guidelines.