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This is not legal advice for your situation*
DocMagic Generic HELOC Plan Codes
Quick and convenient access to your own HELOC plan code is now available in the DocMagic software. These plans offer the most popular HELOC terms and are available at no additional charge. Investor Name: Generic Plans, Investor Code: DSI
Plan Codes:
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| Minimum Payment | | Plan Code | Draw (Years) | Repay (Years) | Teaser (Months) | Credit Card | Draw | Repay | | HELOC1 | 5, 10, 15 | 0, 5, 10, 15, 20 | 0 | Y | Greater of i) $100 or ii) Interest | 1/[months in Repayment Period] plus interest | | HELOC2 | 5, 10, 15 | 0, 5, 10, 15, 20 | 3 | Y | | HELOC3 | 5, 10, 15 | 0, 5, 10, 15, 20 | 0 | N | | HELOC4 | 5, 10, 15 | 0, 5, 10, 15, 20 | 3 | N | | HELOC5 | 5, 10, 15 | 0, 5, 10, 15, 20 | 0 | Y | Interest | | HELOC6 | 5, 10, 15 | 0, 5, 10, 15, 20 | 3 | Y | | HELOC7 | 5, 10, 15 | 0, 5, 10, 15, 20 | 0 | N | | HELOC8 | 5, 10, 15 | 0, 5, 10, 15, 20 | 3 | N | For more information, view our Generic HELOC Plan Instructions. To request a customized Generic HELOC Loan Program, complete our Questionnaire.
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*This article is distributed to provide general information about the subject matter covered and should not be utilized as a substitute for professional advice in specific situations. If you require such advice, please consult with your own professional advisers.
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