Home Equity Line of Credit (HELOC)
	A Home Equity Line of Credit can be used as a purchase money second or a stand-alone line of credit. Purchase money second mortgages are a great way to eliminate mortgage insurance and receive a greater tax deduction (mortgage insurance is non-tax deductible).
	Purchase Money-HELOC Facts Purchase money second mortgages (fixed or Heloc) are processed concurrently with a first mortgage on a purchase transaction. As a revolving line of credit, you pay interest only on the balance owed. Any principal paid can be reused. Contact your MorNext Home Loan Advisor to find out more about this option.
	Heloc 2nds
	Loan Purpose	Can This Loan Be Used?	Largest Loan Amount	Minimum Equity  after loan is closed
	Buying a home   Standard Refinance   Refinance cash out	Yes Yes Yes	$ 50,000 $100,000 $200,000 $100,000 $200,000	0% 0% 20% 0% 20%