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| Start Date of Loan | Type of Loans | Amount | Interest Rate | Number of Years | Payments per Year | Number of Payments | Payment Amount | Principle | Interest |
|---|---|---|---|---|---|---|---|---|---|
Home Loan Amortization Schedule
Extra Ordinary Random Payments
| Date (MM-DD-YY) | Amount |
|---|---|
Enter Values
| Original Loan Amount ($) | |
| Current Annual Interest Rate (%) | |
| Loan Period (Number of Years) & Type of Loan | |
| Number of Payments per Year | |
| Start Date of Current Loan | |
| Optional Extra Monthly Payments ($) |
Loan Summary
| Scheduled monthly payment ($)(Taxes & Ins. not included) | 2,211.62 |
| Scheduled number of payments | 180 |
| Actual number of payments | 180 |
| Total early payments ($) | |
| Total interest ($) | 138.092.49 |
| Lender Name |
Velocity Banking HELOC 1st Postion Loan
Extra Ordinary Payments
| Date (MM-DD-YY) | Amount |
|---|---|
Pay Checks Per Year (use monthly numbers)
| HELOC Loan 1st Postion Loan Amount ($) | |
| HELOC Annual Interest rate (%) (6 month T-Bill + points) | |
| Start date of HELOC Loan | |
| Closing Costs for Heloc Loan (No Extra Charges) | |
| (Note: Interest on the Loan is Figured on a Average Daily Balance) | |
| Pay Checks Per Year (use monthly numbers) | |
| Total Income Net Deposits Per Month ($) | |
| (Note: T-Bill Adjusts Each Month) | |
| Life Ins. Policy Loan Deposit (Home Loan payment) ($) | |
| Starting Month for Life Insurance payments | |
| Credit Card Cash Back (%) | |
| Before | After | |
|---|---|---|
| Total expenses that includes Home Loan per month ($) | ||
| Current Home Loan payment (Principal & Interest) ($) | 0.00 | |
| Life Ins. Premium Payment (Home Loan Payment) ($) | 0.00 | |
| All Expenses (Including Property tax & Ins.) ($) |
| Before | After | |
|---|---|---|
| Total Number of House Payments | ||
| Total Interest Paid ($) | ||
| Annual Income Inflation Rate (%) | ||
| Annual Expense Inflation Rate (%) |
| Life Insurance Face Amount | |
| Life Insurance Cash Value | |
| Life Insurance Cash Value | |
| Life Insurance Cash Value | |
| Life Insurance Cash Value | |
| Life Insurance Cash Value |
| Interest Saved by HELOC | Interest Saved on other loans | Total Interest Saved |
First Lien HELOC FAQs
1. Do you work with banks that also offer a 2nd Lien HELOC?
Currently the banks we work with only offer First Lien HELOCs, they do not have 2nd Lien HELOCs.
2. What are the Maximum loan-to-value limits?
The max LTV currently is 89.9% for primary residences.
3. How do you determine value? AVM (Automated Valuation Model) or full appraisal?
Full appraisal to determine the value.
4. Can you purchase a home with a First Lien HELOC? If you recently purchased a home, how long do you have to wait before getting a First Lien HELOC?
You can use a First Lien HELOC for a purchase. You can refinance into a First Lien HELOC right after purchasing a home as well, however, to take advantage of a higher valuation as compared to the purchase price there is a 6-month seasoning period.
5. What is the maximum loan amount on a 1st lien HELOC?
The maximum loan amount for a 1st Lien HELOC with our bank relationships is $1,500,000.
6.What is the minimum credit score requirements?
660 minimum FICO Credit score, however borrowers will need a 700 or above for the best terms.
7.What is the timeline after a derogatory event for Bankruptcies (Chapter 7 and 13), Foreclosures, and Short Sales?
Our banks require a 4-year waiting period after discharge/dismissal for bankruptcies, (7 & 13) foreclosures, and short-sales.
8.How does the HELOC calculate the interest rate?
The interest is calculated based on the average daily principal balance.
9.What is the minimum payment required? Interest only option? P+I? Percent of balance?
Yes, there are. This transaction is a full refinance transaction (as compared to a second lien HELOC transaction which extends a line of credit on top of your existing mortgage.) The fees generally include: (a) Bank Fees, (b) appraisal fee, (c) Title fees, and (d) State Fees.
11.What is your draw period? (How many years is the HELOC open-ended, and you can make withdrawals)
Our banks have a 10-year draw period.
12.What happens after the draw period expires?
After the draw period, the remaining balance converts to a 20-year amortized loan.
13.Are there renewals if there is a balance at the end of the draw period?
Customers may refinance at the end of the draw period.
14a.Is there a checking account?
We work with banks that offer First Lien HELOCs that come with an Integrated Checking account with a bi-directional sweep. This checking account is the same full-featured checking account that you’d receive as a retail customer with the bank; however, it is fully connected with your HELOC and sweeps money to and from your HELOC and Checking account, so you never have to.
14b.Can I deposit income directly into my HELOC?
With this structure, you simply deposit your income into your Integrated Checking account, (in the same way you do with your current checking account,) and the forward sweep function automatically pushes (sweeps) the money into your HELOC account every single night.
15.Can I use my HELOC as overdraft protection on my checking? Is it free?
This function comes automatically with the First Lien HELOC we choose to work with. Yes, it is free with them. There is no overdraft protection fee, no transaction fee, and no annual fee with this product.
16.Can I set up online bill pay linked to my HELOC?
Yes, remember the Integrated Checking account is the same full-featured checking account you’d receive as a regular retail customer, so it has all the features you’d expect with any new checking account.
17.What states do you lend in?
Our banks can lend in all states except Alaska, Hawaii, and Texas.
18.Do you have a prepayment penalty associated with your HELOC?
No, there is not prepayment penalty associated with our banks’ HELOCs.
19.Are there annual fees with this HELOC?
No.
20.Are there any transaction fees associated with the HELOC?
No.
21.Do you have cash reserve requirements to qualify?
Not if the borrower has above a 700-credit score and a loan amount of $500,000 or less. Otherwise, it is either a 3-mo reserve, or a 6-mo reserve limit based on credit score and loan amount.
22.What is the turnaround time for completing a HELOC?
The turnaround time can vary between banks, however we usually advise to anticipate around 45 days.
23.Can I close remotely?
Yes, you can close at a title company that is close to where you live, or a mobile notary can come to you with docs to sign.
24.Can I get a HELOC for investment properties (rentals) or second homes (vacation properties)?
No, currently our banks only offer HELOCs for primary residence loans.
25.What documentation is required? (For best results, get a comprehensive checklist and get the ENTIRE package to the Bank ASAP.)
For best results, get a comprehensive checklist from the bank.
We advise collecting identification docs, income documentation, tax documentation, asset documentation, as well as documentation on real estate owned.
Credit Card
Pays All bills with Credit Card
Heloc Loan 1st Position
Your Bank Account:
- a. All Income Deposited Here
- b. Pays Down Your Line of Credit
Line of Credit:
- a. Finance Your Home Loan
- b. Pays off Your Monthly CC Balance
