HELOC Calculator
Borrowers often have difficulty comparing the costs of our HELOC program vs.
refinancing their existing 1st loan. In most cases, borrowers will actually save
money getting a higher interest rate 2nd HELOC instead of refinancing. The biggest
savings comes from the interest they will save because their 1st mortgage will not be
refinanced into a higher interest rate loan. Instead, their first mortgage stays at
their current low interest rate, and they only pay a higher rate on a much smaller,
second loan.
The following prequal/calculator will help you calculate and demonstrate the
potential savings to your clients. You may also send your borrowers to
www.ResCapInfo.com for
more information about our HELOC and an example that demonstrates the savings.
If the savings are not significant, then our HELOC program may not be suitable for
your borrower.