|
|
|
|
Need to consolidate high rate
credit card balances or other loans, make home improvements, finance a college
education, or cover an unexpected expense? With M.O.M it's
easy.
| Home Equity Lines of
Credit |
Home Equity
Loans |
|
 |
|
- Borrow
as needed. Pay interest on the outstanding amount only.
- Interest
rate is variable
- Flexible
payment terms. Can pay the line off any time. No pre-payment
charges.
- Access
credit line by using checks as many times as you like during the access period
up to your credit limit.
|
- Lump sum
amount.
- Interest
rate is fixed for the life of the loan.
- Fixed
payment every month which includes principal and interest.
- Can
choose payback period from flexible maturity terms.
|
|
 |
|
- Best for
those customers who have both a current need and would like to have the
flexibility of a line of credit for future uses.
|
- Generally for more conservative customers who want to know exactly what
their monthly obligation is, and have current borrowing needs but do not foresee
future ones.
|
|
 |
|
|
|
|
Are you self-employed or have a
complicated financial picture?
With either a
Line or Loan product, choose the No Income Verification (NIV) Option - an easier
way to apply. Avoid the hassles of producing K-1s' or any other income
documentation typically required to get approved for home equity lines or loans
with our exclusive No Income Verification program. You'll need to meet certain
requirements to qualify, including having at least 50% of your stated income in
liquid assets. A small rate premium will apply.
More Savings Right from the Start...
Both M.O.M.'s Home Equity Lines
of Credit and Loans offer you the advantages of low rates and significant tax
benefits. Because your home is what secures your borrowing, you can deduct your
interest* payments the same way you deduct your mortgage interest and take
advantage of one of the last tax write-offs left.
*
Consult your tax advisor regarding the deductibility of
interest.
More
Borrowing Power...
Borrow up to 90% of the
equity in your home for M.O.M.'s Home Equity Lines of Credit and 100% for
M.O.M.'s Home Equity Loans. Subject to qualifications and
conditions.
More Flexibility...
You may choose to convert all or part of your M.O.M.'s
Home Equity variable-rate line of credit to a fixed rate loan using our
conversion feature. This means you can protect yourself should rates go up and
at no additional cost. A minimum conversion amount will apply and you must meet
M.O.M.'s conversion requirements. This feature, which is not a provision of the
credit agreement, may be modified or discontinued in the future. | |
|
|
