Banker Home Equity Specifications

What to Look For:

must be an open ended equity line
must have an interest only payment option
must be attached to the primary residence in a second lien position
must be a variable rate home equity credit line
must have an credit line amount of $20,000 or more
do not have your monthly equity line payment automatically withdrawn from a designated checking account

(your income deposits will be your payment, which will force the bank to adjust your daily minimum balance)
do not lock-in your equity line rate

(this will remove the interest-only rate option)

download this BLOC characteristic sheet to use when shopping for your home equity line of credit
important note: if you have an existing home equity line the has the above characteristics, it can be used as your BLOC

if you have an existing home equity loan that is being paid down, shop for an BLOC to payoff and close your home equity loan

your new BLOC must be in a second lien position

Shopping and Finding Your BLOC:

link to our home equity center
for more information about home equity product terms and features
download our shopping sheet
that lists the BLOC characteristics and helps you shop lenders for best terms
use our LTV calculation to estimate how much
you may qualify. You will need a credit line of $20,000 or more. Be prepared to get a 100%LTV equity line if needed to payoff existing debt and maintain an open credit line of $20,000 or more
use our network of lenders to shop your BLOC
be prepared to negotiate best terms and rates

note: don't get hung up on interest rate. The MMA program will minimize the interest rate charges since income going into the account will keep the average daily balance down
use your BLOC to consolidate and payoff all of your debts. This will free up discretionary income that will be used to pay down your BLOC