Step 1: Apply For Your BLOC

apply for BLOC

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 paid from your credit line.
  • money left over will be treated as discretionary income to reduce your BLOC balance

BLOC Required Characteristics

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.

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apply for BLOC

Shopping and Funding 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
use our network of lenders to shop your BLOC
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

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