Unlock the full potential of your home with our Novus Equity Advantage First Lien HELOC. By making regular deposits into your linked checking account, deposits are scanned nightly and applied to the outstanding principal balance of the line of credit, which may reduce interest costs and potentially accelerate payoff over time based on how deposits are maintained against the outstanding balance.
Unlike traditional mortgages that require refinancing to adjust payments, Novus Equity Advantage offers flexible repayment options based on the outstanding balance and available credit, without requiring refinancing. Enjoy immediate access to available credit for home improvements, debt consolidation, and unexpected financial needs, with the option to seize opportunities for future investments. Experience the flexibility and financial freedom that comes with Novus Equity Advantage.
Our Novus Equity Advantage First Lien HELOC offers a unique opportunity to quickly build home equity. It includes a checking account that scans and monitors for deposits nightly and applies them against the principal balance of the Line of Credit. This structure may allow borrowers who consistently maintain deposits against the balance to reduce interest costs compared to a traditional amortized mortgage. Once the credit limit is set, it remains unchanged for the first 10 years. During the remaining 20-year period, the credit limit gradually reduces each month by 1/240th until the balance is fully repaid.
When you make a deposit into your combined checking account, the balance is automatically scanned and monitored each night. This means deposited funds are applied to the outstanding principal balance, reducing the amount on which interest is calculated. Thus, enabling you to use your deposits effectively, lowering your interest expenses and pay off your loan faster!
To qualify free-and-clear properties for our First Lien HELOC, the minimum draw requirement must be met. This will allow you to leverage your fully paid-off properties effectively.
