Let La Loma assist you in obtaining an affordable Home Equity Line of Credit. With a home equity line of credit, you have the flexibility to make large purchases – such as a new car or truck, recreational vehicle, your dream vacation, or home improvements! It could also be your answer to debt consolidation or college expenses!! The home equity line of credit is an open-ended, variable rate loan, secured by a deed of trust against your real property. La Loma offers this program on your primary residence or second home (no rental properties or manufactured homes). The amount of your credit line will depend on the amount of equity you have in your home. It makes good financial sense to use your home as collateral since the interest on your home equity loan may be tax deductible (you should consult with a tax advisor for your particular situation). La Loma will only take position as first or second mortgage lien holder.

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Our HELOCs include:

• Loan amounts up to $200,000

• $600 application fee – Can be waived if initial loan advance is $7,000 or more and you maintain a $1,000 balance the first 12 months. Application fee is due when the application is submitted

• Maximum loan term of 15 years

• 5 year draw period

• Variable interest rate tied to the Prime Rate published in the Wall Street Journal – interest rate is scheduled to change semi-annually (February & August). Minimum interest rate is 5%, Maximum interest rate is 18%

• $1,000 initial advance minimum; $500 minimum advance thereafter – 6 advances allowed per year

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Interest-only HELOCs also available! Enjoy lower, interest-only payments during the first 5-year draw period, followed by fully amortized payments for the remaining 10 years.

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