Golden Empire Mortgage is a direct lender based in Bakersfield, CA. The company was founded in 1987 and offers home equity lines of credit (HELOCs) to borrowers in 7 states across the USA.
Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or using a credit card attached to the account.
Golden Empire Mortgage allows borrowers to apply for lines of credit of up to $500,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.
This lender's maximum loan to value rate is 95%. That means the total debt secured by the property cannot exceed 95% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $75k.
HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan.
Golden Empire Mortgage offers home equity loans with a draw period of up to 10 years and a repayment period of 20 years.
No, there isn't a minimum draw requirement
Golden Empire Mortgage offers home equity loans with APRs starting at 4.24% and up to 18%.
Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.
Golden Empire Mortgage may charge a loan origination fee. There is also an annual fee of $75.
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