Home Equity Loan
We can get you Approved within 24 hours, Despite of you Credit history or Income. No GDS and TDS calculations because home equity loan uses your home as collateral to secure the funding you need. You can apply for a loan and borrow against equity without impacting your existing first mortgage. Approvals are based on the level of equity accumulated in your home.
Credit and/or income are less important to your application. To determine the amount of equity in your home subtracts any existing mortgages or liens from the estimated current value of your property.
Types of home equity loans
Mortgage loans and installment loans can be confusing. Home equity loans are simple, there are two types.
Type one, a fixed-term loan is given to the borrower as one lump sum. An interest rate is fixed and monthly payments are based on the amount advanced. Generally speaking, fixed-rate home equity loans are easier to qualify for because they don’t require income or credit. The second type of home equity loan is a revolving loan.
Most often referred to as a home equity line of credit (HELOC). A HELOC is approved for a predetermined amount. Instead of advancing all of the funds at once, you access them as you need them, like a credit card. Payments are based on what you owe and credit can be reused once it’s paid off.
A home equity loan can be a good way to convert the equity you’ve built up in your home into cash, especially if you invest that cash in home renovations that increase the value of your home. But always remember, you’re putting your home on the line: If real estate values decrease, you could end up owing more than your home is worth. Should you then want to relocate, you might end up losing money on the sale of the home or be unable to move. And if you're getting the loan to pay off the plastic, resist the temptation to run up those credit card bills again. Before doing something that puts your house in hock (or deeper in hock), weigh all of your options.
Once you have been approved for a home equity loan you can technically use the money for anything you wish. However, you need to remember that at the end of the day, this is your home on the line – so make sure to use the loan accordingly.
The best way to use your home equity loan is for long term goals that will lead to a higher income for your family or add significant value to your assets or life. Common examples include paying for a child’s education, starting a business, or even home improvements that will boost the overall value of your house. Luxury spending on things such as a vacation or a new car is not the best way to use your home equity loan.
we can approve home equity loans where a bank may not, and we don’t require mortgage default insurance where the combined value of the first and second mortgage exceeds 80% of the property value. We can also approve funds for individuals with a tarnished credit history, or one’s where little credit history exists.