We are currently not offering this HELOC product.

Condominiums, or condos for short, is a type of property ownership. A condominium owner owns a unit within a building or condo development. Condo owners can take out a home equity loan or home equity line of credit (HELOC) with the condo unit as collateral. If you need a low interest rate loan to fund a business venture, home improvement, a new car, or other purposes, you may want to look to the equity you have built in your condominium unit.
Unless the owner owns the unit free and clear, a Home Equity Loan or HELOC is often a “second mortgage”, since there is usually already a mortgage secured by the condominium unit.

What is Home Equity?

Your home equity is the value of your condo unit less any mortgage you currently have.

What is a Home Equity Loan?

A Home Equity Loan is a fixed rate mortgage that uses your condo as collateral. It is an inexpensive and low cost method coop owners use to finance just about anything, such as for a new vehicle, or to consolidate debts.

What is a Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) is a type of home equity loan that has an adjustable interest rate. Unlike a fixed rate Home Equity Loan, a HELOC allows the condominium owner to draw against the line of credit as often as needed, up to the set credit limit. Additionally, unlike fixed rate Home Equity Loan which requires monthly payments of principal and interest, HELOC only requires payment of the interests on the amount owed for the first 10 years.

How much can you get from your home equity?

Depending on your credit history and income, you can potentially borrow up to 100% of the available equity in your condo.

What are some of the benefits our condo home equity loan offers?

* No appraisal fee...

* No mortgage tax...

* No title fees...

* No recording fee...

* No income verification with credit scores of 680 and higher...

* Available to condos, coops, and 1 to 4 family houses...

* Better than refinance – there is high closing costs associated with refinance...

* Better than refinance – if you currently have a low interest rate first mortgage, you must pay it off when refinancing, whereas with a Home Equity Loan you can keep your low rate first mortgage...

* Interest paid may be tax deductible...

* HELOC offers the option to pay only the interests, the entire balance, or any amount in between…

* Lock in the equity in your home for up to 10 years, even if real estate prices decrease in the near future.

You work hard to pay into the equity of your condominium month after month, now you can have the equity work for you by providing you a low cost loan.

Home Equity Loan for Condominiums
MY Mortgage

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MY Mortgage
160-03 N. Horace Harding
Expressway
Flushing, NY  11365
Tel:. 718-886-4438
Fax.: 718-445-9003
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