HELOC / Piggyback Program
A Home Equity Line of Credit (HELOC) is a flexible loan that allows homeowners to borrow against the equity they've built in their home, with their home serving as collateral.
THE DETAILS:
Through TCF Bank, we offer second mortgages on primary and second homes where RAM Mortgage Partners completes the first mortgage. This option is used to take out equity for large purchases or home improvements, such as a kitchen remodel or to pay for upcoming college tuition. This loan option must close in conjunction with the first lien mortgage loan.
ADVANTAGES :
- Maximum $1.5 million combined loan amount
- Maximum $350,000 line amount