FAQ

Our site is for anyone who knows what type of loan they want and who is looking for a low cost loan with fast and easy approval. Check out the rates on the other web sites, and then come to us for a low cost efficient loan on the web! It’s fast, it’s easy, and it’s totally online.

Why are rates on this web site different from those in the newspaper or branch office?

Rates on this site are discounted due to the streamlined process we have for online approvals. If you need to talk to a loan officer about a loan at one of our affiliate banks or other lending offices, the rates quoted may be different. Rates listed and quoted on this site are only available to those individuals who apply and are approved for a mortgage loan through this site.

Depending on the loan program selected, you may purchase a property with no money down.

What happens after I apply with Eurobank Mortgage Corporation?

You will receive an e-mail within 24 hours of submission of your application. This e-mail will indicate the status of your application and the next steps you need to take.

You will also receive application disclosure documents in the U.S. mail within 3 business days of your loan submission.

When can I lock in a rate for my Mortgage?

Depending on the program you may lock your rate once you have a purchase contract unless you are refinancing in which case your rate can be locked at the time of the application or at anytime thereafter per your instructions.

What if I need help after regular business hours?

Our sales office regular hours of business are Monday – Friday 8 A.M. – 6 P.M.
If you need help after regular business hours, please send us an e-mail at office@eurobankmortgage.com.
You will then be contacted by an Eurobank Mortgage Corporation representative the next business day.

1. You can use a Home Equity Loan or Line of Credit to consolidate your debt. If you have credit cards and other high-interest debt, you may be able to reduce your monthly payments with a home equity loan or line of credit.

2. You can make home improvements. Adding an extra bedroom, updating your kitchen or replacing an old roof are all smart ways to increase your home’s value and protect your investment.

3. You can use the funds for a variety of other uses, such as college tuition, vacation expenses, or large purchases such as furniture, appliances, or even a car.

4. You may save at tax time.* The interest on your Home Equity Loan or Line of Credit may be tax deductible* which can save you money year after year.

* Consult your tax advisor concerning the deductibility of interest.

What’s the difference between a Home Equity Loan and a Home Equity Line of Credit?

Generally, a Home Equity Loan is for a fixed dollar amount, for a fixed period of time, with fixed monthly payments, and the borrowed amount is received as a single lump sum.

With a Home Equity Line of Credit, you can take out the amount of money you need, when you need it.
Payments are required only when there is an outstanding balance, and you pay interest only on the outstanding balance.
Further, with Eurobank Mortgage Corporation, if you do have an outstanding balance, you can make your monthly payment on the interest alone (and not against the principal) if you like.
Because the line of credit is revolving, you can borrow, repay and borrow again.

How much can I borrow?

Several factors determine how much you can borrow including the available equity in the home, income, prior credit history and our loan limits.
If you qualify, the minimum home equity loan or line of credit amount is $5,000 and the maximum is $500,000.

Is the interest on my Home Equity Loan or Line of Credit tax-deductible?

In many cases, the interest on a Home Equity Line of Credit or Home Equity Loan may be tax deductible.
Consult your tax advisor concerning the deductibility of interest.

Is the interest rate fixed or variable?

Home equity loans may offer a fixed interest rate and the principal is amortized over the term, while home equity lines of credit feature a variable rate.
Interest rates are based on the amount you borrow and the loan term.