What is a First Lien HELOC?
A first position lien that allows homeowners to establish a line of credit using the equity in their home. When working with University Lending Group, you can tap into this line of credit by leveraging the value of your property. With a First Lien HELOC, you gain access to funds through checks and a debit card, making it convenient to use whenever necessary. Whether you want to undertake home renovations, consolidate debt, or cover other expenses, the flexibility of a First Lien HELOC enables you to access funds as needed.
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Additionally, University Lending Group offers a sweep account feature for 1st Lien HELOC loans. This account is established to facilitate immediate principal reduction. It works by sweeping all of your income into the account, which is then automatically transferred daily to your line of credit. By reducing the principal balance regularly, you can significantly decrease your daily per diem interest. This not only helps you pay off your home faster as early as 5-7 years, but it also translates into paying substantially less interest over the life of the loan. This can create wealth-building opportunities by allowing you to save on interest expenses and potentially invest the savings elsewhere.
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One of the significant advantages of a 1st Lien HELOC loan with University Lending Group is immediate access to your equity in case of emergencies. Your home equity is a valuable asset that can provide financial security when unexpected expenses arise. With a 1st Lien HELOC, you have the ability to tap into your equity quickly, ensuring that you have the necessary funds readily available. This flexibility and convenience can bring peace of mind, knowing that you have a safety net to cover unforeseen costs without the need for additional loan applications or approvals.
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