Tap into the Cash Under Your Roof


Colonial offers two competitive programs that lets homeowners utilize the equity in their home to use for any purpose.When many people think of spring, they think of flowers blooming, birds chirping, and of course, family gatherings outdoors. Spring is the perfect time to invite your family and friends over for a backyard cookout or dip in the pool. Have you been wanting to update your backyard to include a space to entertain like a pool or outdoor kitchen? If it’s time to spruce up your outdoor living space, you may consider tapping into your home’s equity as a way to cover the costs.

Colonial offers two competitive programs that lets homeowners utilize the equity in their home to use for any purpose. So if you are wanting to add a great new space to entertain like a new gourmet kitchen, swimming pool or outdoor living space, while potentially adding great value to your home, Colonial is here to help.

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 on loans up to $150,000
  • Rate is WSJ prime floating, adjusting quarterly
  • 10 years interest only, followed by 15 years amortization (25 years)
  • 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

Contact Colonial Today

To learn more about how you can utilize the equity in your home, give us a call at 817.390.2291, or stop by any of our Banking Center locations  today. You can also visit GoColonial.com for a comprehensive look at all of the banking, home loan and insurance products we offer.

 

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.

 

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