RI Home Equity Loans and Lines of Credit

Our RI Loan Officers will take the time to determine the best way to access your home's equity

 

A RI home equity loan or line of credit enables you turn your home’s equity into money for home improvements, debt consolidation, college education or any other expenses.  You can put your house’s equity to work for you. Landmark's professional loan officers will review you lending requirements and advise whether a fixed rate loan or line of credit is the best option for you.

 

Fixed Rate RI Home Equity Loan

A fixed rate RI home equity loan is often the appropriate choice to finance a major one-time expense, such as, the down payment for a real estate purchase, wedding expense or debt consolidation. You may also choose to refinance an adjustable rate equity line of credit to secure a fixed rate.

Advantages of Fixed-Rate Mortgages:

• The interest rate and payment will not change throughout the term of the loan
• Consolidation of credit card debt to lower your monthly payments
• Easier to plan your monthly budget and cash-flow
• Interest payments are tax-deductable (consult your tax advisor)

 

RI Home Equity Line of Credit

A RI home equity line of credit gives you the flexibility to borrow money when you need to. You will pay interest only on the funds you borrow. This may be the appropriate option for home improvement or reoccurring expenses such as college tuition.

Advantages of a Home Equity Line of Credit:

• Enables you to access your home's equity when you need to
• Interest-only payments only on the funds borrowed
• Flexibility to repay and borrow at any time
• Security to cover unexpected expenses such as major home repair or tragic life events

 

Fixed Rate Partition Line of Credit

Landmark Mortgage also offers a Fixed Rate Partition Line of Credit. This product is suitable for situations whereby you need an immediate lump-sum of funds and the flexibility to borrow additional funds in the near future. A partition loan may be theperfect option for a home renovation project or college tuition.

Advantages of a Partition Loan:

 

Reverse Mortgage

 

Reverse mortgages are a terrific tools that allow elderly homeowner's to access the equity in their home. A reverse mortgage preserves quality of life by giving the homeowner a set amount of funds on a monthly basis. Payment is not made until the homeowner sells the home or is deceased.

Advantages of a Reverse Mortgage:

• Preserves quality of life with access to your home's equity without monthly payments
• Access funds for home improvements
• Take one lump-sum or monthly payments for up to 15 years
• No payments of any kind until the home is sold or upon death