Finish Line Mortgage
Are you inspired to pay off your home faster than you ever thought possible?
Or maybe you’re dreaming big and are inspired to remodel your home, take a dream vacation, or you’re looking for a way to help send the kids to school without taking out student loans or drawing from your investments.
We’re inspired to help make it happen with our new Finish Line Mortgage Loan.
There are no closing costs or application fees* associated with this loan option, and you choose your term, from 5 to 15 years.
*Minimum loan amount is $50,000. If loan is under $50,000 a $400 application fee will apply.
** Please consult with your tax advisor to find out more about your specific situation.
***Must be a first lien on property. Maximum loan-to-value 75%. Maximum Loan Amount $250,000.
Q: What are the benefits if I already have a mortgage?
A: If you already have a 30-year or 15-year fixed-rate mortgage that you’ve been paying faithfully, and you’re in the later stages of your mortgage where you’re paying very little mortgage interest, you may not be taking full advantage of the tax benefits available to you. You can use a First Lien Loan option to pay off your existing mortgage, and this now becomes your first mortgage, or first lien. Now you’re at the beginning with your new mortgage and you can deduct more mortgage interest again.
Q: What are some reasons to use this product?
A: This option can come in handy if your home is paid for, but want to make home improvements; or if you have a child who’s getting ready for college and you need to pay their tuition and other college expenses, or if you are thinking about buying that (fill in your dream here) you’ve always wanted and will need to make payments on that.
Q: How does this compare to, say, a credit card to pay for larger ticket expenses?
A: With a First Lien Loan, you’ll get a better interest rate on the money you borrow and the interest on your mortgage is usually tax-deductible** whereas the interest on your credit card is not. Plus, your rate on this loan compared to higher rate credit cards with national card issuers will usually be much lower, which means you pay less in interest for your purchases.