Step 1: apply for your BLOC
find a home equity line of credit account
Start Your Application
Apply for a home equity line of credit account to function as your BLOC You will use your BLOC as your money account:
- all income earned will be deposited into the credit line*
- all expenses paid, including your regular monthly mortgage payment, living expenses, insurance, etc., will be advanced from your credit line.
- money left over will be treated as discretionary income to reduce your BLOC balance.
* if the equity line doesn't allow direct deposit - or if the deposit takes several days to clean and be applied again the balance, have the income deposited into your checking (or savings) account. Then use your bank's online features to transfer the depost over to your equity account.
BLOC Required Characteristics
- must be an open ended Home Equity Line of Credit
- must have an interest only payment option
- must be attached to the primary residence in a second lien position
- must be a variable rate account
- must have an credit line amount of $20,000 or more
- download this BLOC characteristic sheet to use when shopping for your home equity line of credit
Important Note: if you have an existing home equity line the has the above characteristics, it can be used as your BLOC.
If you have an existing home equity loan that is being paid down, shop for an BLOC to payoff and close your home equity loan.
Your new BLOC must be in a second lien position behind your first mortgage.
Shopping and Finding Your BLOC
go to our home equity center
for more information about home equity product terms and features
download our shopping sheet
that lists the BLOC characteristics and helps you shop lenders for best terms
use our LTV calculation to estimate how much
you may qualify. You will need a credit line of $20,000 or more. Be prepared to get a 100%LTV equity line if needed to payoff existing debt and maintain an open credit line of $20,000 or more
Apply now and let's search
for the right lender
or dial toll-free:
be prepared to negotiate best terms and rates
note: don't get hung up on interest rate. The MMA program will minimize the interest rate charges since income going into the account will keep the average daily balance down