Van Dyk Mortgage - August 2017


and your home is now worth $300,000. A second mortgage for the full 80 percent could leave you with $120,000 in cash to use for unexpected medical bills, to build your dream cabin in the woods, or to take that vacation to see the pyramids in Egypt — maybe even all three. A home equity line of credit (HELOC) might be better used for something with money due over a longer period of time, like sending your child to an Ivy League school. You can make recurring withdrawals against the available equity in your home for a specified draw period — usually five to 10 years. During the draw period, you only make interest payments on the HELOC, and then once the repayment period begins, you begin payments on the full balance. Whatever you choose, don’t be afraid to explore what else your home has to offer your financial future.

big science fair win; it’s where you threw your mother’s surprise 50th birthday party. We all know the intangible ways that being a homeowner pays off, but are you reaping all the financial benefits of being a homeowner as well? Home equity loans are a fantastic way to take advantage of your home’s financial assets. Maybe you’ve paid off a significant percentage of your mortgage, or your home has increased in value since you purchased it. Whatever the case, you could be sitting on tens or even hundreds of thousands of dollars in home equity that you could be using to help with some of life’s expenses. The first type of home-equity loan is a second mortgage. Your second mortgage is cash you can receive for up to 80 percent of the value of your home, minus the amount you still owe on your original mortgage. Say the remainder of your mortgage is $120,000

Your beautiful home is where you kiss your spouse goodnight; it’s where you wake up early to make chocolate-chip waffles with your child to celebrate that


“It had been 35 years since our last real estate purchase, so there were definitely changes. Tim and staff were there with us every step of the way, which gave us peace of mind. In our minds, Tim and VanDyk Mortgage are the BEST if you need a mortgage.” VanDyk Testimonials


Yes they are my in-laws. I really did their loan. I did not pay them to say this.

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