Build Your Dream Outdoor Living Space with a Home Equity Loan or Line of Credit


If you’re thinking about updating your backyard features, you may consider tapping into your home’s equity as a way to cover the costs.Spring is in full-swing and summer is just around the corner. Flowers are beginning to bloom and the soft-rock duo Seals and Crofts’ hit song “Summer Breeze” is being queued up on classic radio. You know the lyrics: “Summer breeze, makes me feel fine. Blowing through the jasmine in my mind.”

It’s the season of family gatherings – backyard barbeques and relaxing weekends on the patio. But what if your outdoor space is in need of a makeover? If you’re thinking about updating your backyard features, you may consider tapping into your home’s equity as a way to cover the costs.

Colonial offers two competitive programs that do just that. Along with a great new space to entertain your friends and family, a new deck, swimming pool or outdoor kitchen could potentially add great value to your home when you’re ready to sell.

What is Home Equity?

As defined by Investopedia, home equity is the value built up in a home that represents the current market value of the home, minus any remaining mortgage payments. Colonial’s Home Equity Line of Credit program, or HELOC, allows you to borrow up to 50 percent of the appraised value of your home. This program can be just what you need to make those great, new upgrades to your home or outdoor living space. Below are the specifics of Colonial’s HELOC program:

Home Equity Line of Credit – Now offered anywhere in Texas

  • $20,000 – $200,000
  • Max loan-to-value (LTV) = 80% of total liens, line amount cannot exceed 50% of home value
  • 700 minimum FICO credit score
  • No closing costs
  • Rate is WSJ prime floating, adjusting quarterly
  • 10 years interest only, followed by 15 years amortization (25 years)
  • Home equity is the difference between your home’s fair market value and the outstanding balance of all liens on your house, such as your mortgage and other loans.Available for any purpose

Similar to a HELOC, a Home Equity Loan is a term loan awarded in a one-time lump sum that is borrowed from the value of your home. The loan is then paid off over a set amount of time using a fixed-interest rate. At Colonial, our Home Equity Loan program lets homeowners borrow up to 80 percent of the appraised value of their home with a maximum 15-year term. Here are the specifics of our Home Equity Loan program:


Home Equity Loans

  • $20,000 – $200,000
  • Max loan-to-value (LTV) = 80%
  • 700 minimum FICO credit score
  • No closing costs to $100,000 unless appraisal is required
  • Title Policy and Title closing fees required when loan is above $100,000
  • 43% maximum debt-to-income (DTI)
  • Amortizing loan up to 15 years
  • Available for any purpose

Colonial can help you transform your boring backyard into your dream outdoor living space. A HELOC or Home Equity Loan from Colonial lets you take advantage of the equity that you’ve built up in your home, and can potentially add some major value along the way.

Visit our website – GoColonial.com for a comprehensive look at all of our banking, home loan and insurance. You can also give us a call at 817-390-2291, or stop by any of our locations today for a friendly, professional conversation with one of our trained professionals. We’re local, we’re experienced and we’re more than ready to help.

 

Bank and mortgage rates and terms subject to change without notice. This is not an offer to extend consumer credit as defined by Section 1026.6 of Regulation Z. All loans subject to underwriting guidelines. Not all applicants will qualify. NMLS 401285 – Equal Housing Lender – Member FDIC

 

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