How a Home Equity Loan Works!
You're building up equity in your home as you pay down your mortgage each month and the real estate market appreciates. At some point, you may want to tap into your home equity. Let's review how a home equity loan works and what is a home equity loan exactly to see if it's right for you!
#HowAHomeEquityLoanWorks
In practice, I share with my clients to simply #JTAB = Just Take a Breath it'll be alright as we move forward together. Remember, FEAR = False Evidence Appearing Real. What's the best way to replace FEAR? With knowledge and you're doing that right now. Kudos!
What you'll learn:
1. Home equity loan explained!
2. Second mortgage vs home equity loan!
3. Should I get a home equity loan?
NOTE: To adjust video speed for your listening/ viewing pleasure, please use the settings icon on the bottom right of your screen. It looks like a gear. =)
Timeline:
1. 1:30 - How a home equity loan works!
2. 2:01 - Home equity loan vs HELOC!
3. 3:47 - How do you pay back a home equity loan?
4. 5:11 - Pros and cons of a home equity loan!
5. 7:51 - How to get a home equity loan!
6. 8:38 - How to get a home equity loan with bad credit!
7. 10:11 - It comes down to your Loan-to-Value (LTV) ratio!
8. 11:21 - Beware of red flags!
9. 12:56 - Home equity loan alternatives!
Thank you for watching! =)
Enjoy an amazing day!
Andrew Finney
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At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with King Realty Group in Las Vegas, NV.
Andrew's videos are his own and do not necessarily represent the views and/ or opinions of KRG.
The purpose of Andrew's videos are to educate you and help you make sense of the real estate process. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professional for further counsel about your own unique situation.
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Can I Use My Home Equity To Buy Real Estate?
What is home equity and can I use it to buy real estate? In today's episode, I'm going to give you a breakdown of what home equity is. I'll also be giving you some tips on how you can leverage it to make more money by investing in real estate - and you won't even have to sell the house you're living in. Check it out!
00:33 What if I have equity in my home?
00:56 Here's what equity is
02:04 Cashout Refinance vs. Home Equity Line Of Credit
04:29 What can I do with this money?
05:52 You'd be crazy not to do this!
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Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. Also, Kris Krohn, this document, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
The above summary disclosure is provided as an overview, and is not intended to be comprehensive. Additional details are reflected below. See full disclosures here:
NO INVESTMENT, FINANCIAL, LEGAL OR TAX ADVICE
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Kris Krohn is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
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Mr. Krohn has a financial interest in EPIC Insurance Services, LLC (EPIC), a licensed insurance brokerage agency incorporated in New Jersey, and is compensated by EPIC. See full disclosures here:
Home Equity Line Of Credit
Have you ever heard of home equity line of credit? If you're thinking of getting one, this video is for you. I'm going to share with you what it's all about and if it is a good idea to get one.
Watch and Enjoy!
Kris Krohn & Nate Woodbury
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Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. Also, Kris Krohn, this document, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
Home Equity Loan Process
Learn the process of getting a Home Equity Loan.
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#Tip 23 - 100% Home Equity Loan Financing – Online Home Equity Loans!!!
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100% Home Equity Loan Financing – Online Home Equity Loans!!!
100% home equity loan financing will give you access to all of your home’s value. So you can finance home repairs, a college education, or debt consolidation at low financing rates. And by searching online for your lender, you can find better deals on interest rates and closing costs.
Finding 100% Home Equity Financing Online
When planning to cash out your home equity, research several lending companies before settling on one. Online, your search is much faster with easy access to quotes and customer service representatives. In a matter of an hour, you can have dozens of loan estimates waiting for your review.
Home equity loans can have a lot more hidden fees than first mortgages. So it is important to compare annual costs and miscellaneous fees. The APR will give you the total cost of the loan, including closing costs. Fees for minimum balances, refinancing, and maintenance are in addition to the APR.
Why Online Lenders Offer Better Deals
Online lending companies, which often include your neighborhood banks, offer better deals to remain competitive. Online loans are also cheaper since overhead costs are reduced when you complete your application online. These savings are pasted onto you, often in the form of a discount.
Online mortgage brokers work out special deals with mortgage companies. They are also a good starting point for your home equity loan search. Most brokers will give you three or more loan offers to compare.
In addition to lower rates, online loans are processed faster than going to a neighborhood banking office. By entering your application over a secure connection, your information is processed immediately through databases.
In most cases, by the next business day you will receive a call informing you of the status of your loan. A final loan contract will soon follow in the mail for your approval. You can have your money in your hands in less than two weeks.
Take some time to really research lenders before applying for a home equity loan. Know what terms and conditions are most favorable for you. Find the loan that gives you both low rates and fees.
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What is a Home Equity Loan?
Do you have equity in your home? Did you realize you can access that equity to invest? I'm going to go over the different ways to pull that money out of your home so that you can put it towards building financial freedom.
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Kris Krohn
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Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. Also, Kris Krohn, this document, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
The above summary disclosure is provided as an overview, and is not intended to be comprehensive. Additional details are reflected below. See full disclosures here:
NO INVESTMENT, FINANCIAL, LEGAL OR TAX ADVICE
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Kris Krohn is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
DISCLOSURE OF FINANCIAL RELATIONSHIP
Mr. Krohn has a financial interest in EPIC Insurance Services, LLC (EPIC), a licensed insurance brokerage agency incorporated in New Jersey, and is compensated by EPIC. See full disclosures here:
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How To Buy Another Property Without A Deposit And Using Your Home Equity
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#Tip 24 - 100% Home Equity Loans Should You Max Out Your Home's Equity!!!
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100% Home Equity Loans - Should You Max Out Your Home's Equity?
A 100% home equity loan can free up your cash at a low interest rate. While favorable rates and tax benefits make this option look good, consider your own financial situation first. Asking yourself the following questions will give you a better idea of how much a 100% home equity loan can help you.
How Cheap Is Your Loan?
Is the APR on your prospective home equity loan better than what you can find for a personal loan or a credit card? Chances are that home equity loan rates are better. If you don’t know, take the time to research rates now. Lenders will post their APR online or you can receive an emailed quote in minutes.
When you take out more than 80% of your home’s value, you can’t qualify for the lowest rate. This can still be cheaper than other types of financing though. Another factor in your loan’s cost in the tax advantage, which you don’t receive with credit cards or personal loans.
How Will You Financially Benefit From Your Loan?
Are you planning to pay off high interest debt or go furniture shopping? Tapping into all of your home equity makes sense if you see immediate financial improvement. For purchases that don’t appreciate, save up for the purchase.
Using all of your equity takes away a financial cushion that you can use in an emergency. If you have no other cash reserves, it is best to use another type of credit or only part your equity.
When Do You Plan To Move?
Another factor to consider is when you plan to move. By drawing on all of your home equity now, you won’t receive much from selling your home in a year or two. After a couple of years of paying back your principal and of your home appreciating with the market, you will have enough equity built up to receive something when you sell.
Maxing out your home equity is best for cases where you can see immediate financial gain. Otherwise, keep at least a part of your home’s value for future financial needs. And always check with several lenders to be sure you are getting the best deal, no matter what type of loan you choose.
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Funding Your Life with a Home Equity Loan
From home improvements to paying off higher interest debt, there are many ways to use a Home Equity Loan or Home Equity Line of Credit. Learn how you can use the equity in your home to make things happen. Get familiar with important financial terms, how home equity loans work, common uses, the application process, and other helpful resources. Leave with the confidence to choose the right option to meet your needs.
How to pay your home faster with a Home Equity Line of Credit (HELOC)
In this video I talk about my strategy on how to pay your home faster with a Home Equity Line of Credit (HELOC)
I was a little hesitant about making this video because a Home Equity Line of Credit (HELOC)can be very dangerous if you don’t know how to manage your money and if you're not disciplined enough especially if you move your credit card debt to your home equity line of credit.
I take advantage of the fact that the HELOC will charge me on a daily basis on how much I'm borrowing, so I treat mine like a chequing account and If I have an extra $100, $500, $2,000 I will put it in my HELOC and save some money instead of only earning 1% in a high interest savings account and sometimes some banks have some promos at like 2.25% but I am saving a lot more money by putting more in my HELOC account and I have been able to pay down my HELOC a lot faster this way. When I use to have my money sitting in a savings account I would earn less than 1% and when I knew I had the money in my savings account I would spend it on foolish things, now that my money goes directly into my HELOC I think twice before spending money on foolish things and has allowed me to pay down my HELOC much faster.
I did some research online I came across a video by Dave Ramsey and I agree and disagree with Dave on his thoughts on a home equity line of credit. I like the examples he gave about borrowing money from your home to buy crap and moving your credit card debt to your home equity line or credit is a bad idea. I love the example he uses about going to the steakhouse and eat a steak, put it on a credit card and then when you cant pay the credit card you transfer it to a home equity line of credit he’s 100% right about this is why for certain people a HELOC isn’t a good idea.
What I disagree with Dave is that he is assuming that everybody is going to spend the money from their home equity line of credit on crap or transfer credit card debt to their home equity line of credit and he’s wrong. There are a lot of people that are disciplined with their money and they will use their HELOC for different use like paying down their home faster and use the HELOC to acquire income producing assets.
Credit Card debt is unsecured debt, it is not secured by your car, it is not secured by your home it's not secured by anything. If you can’t pay your credit card debt what can they do sew you? A home equity line of credit is attached to the equity that you have in your home, they have the legal authority to take the home away from you. I would not recommend you to take unsecured debt and transfer it to secured debt known as a home equity line of credit. Some people that do this get themselves in a lot of trouble.
Having a Home Equity Line of Credit (HELOC) allowed me to acquire income producing assets and to buy more properties. A HELOC can be used to buy an investment property. In fact, if you are going to use a HELOC on anything, you might as well put it into a sound investment. Unleveraged equity is, after all, dead money that could end up costing you in the long run. Since a HELOC will use the home as collateral, it’s important to make sure the loan is worthwhile. Having a HELOC on my principal property has allowed me to grow my portfolio, It would of been a lot harder for me If I didn't have it.
If you have a Home Equity Line of Credit (HELOC) and it has helped you pay your home faster or it allowed you to acquire income producing assets please share your story in the comment section of this video!
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What Should I Do With My Home's Equity?
What should I do with my home's equity? - Home Equity Line of Credit, can help you with a myriad of financial necessities. It can help you with funds when you need them for whatever purpose.
One of the best uses of a home equity line of credit is for investing in real estate rental properties.
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3 Easy Ways To Tap Into Your Homes Equity | Episode 152 AskJasonGelios Real Estate Show
In this episode REALTOR® Jason Gelios shares 3 easy ways a home owner can tap into their home equity. This is a great option to pay off high interest debt and/or finance home renovations.
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Jason Gelios is an award winning top producing REALTOR® serving SouthEast Michigan. Buying or selling real estate is a very important decision and probably the largest financial decision you will ever make. This can have a lasting impact on your life.
Whether you are purchasing for the first time or planning to sell your existing home, Jason will help you navigate through the entire process to keep it as simple and stress free as possible while helping you achieve your goals.
Jason Gelios is well supported by a team of financial and legal experts, qualified home inspectors, appraisers and other professionals if needed. I’m confident you will enjoy my professional and enthusiastic style of doing business and my knowledge of the real estate market!
????consolidate And Eliminate Debt Using Your Home's Equity Consolidate Debt Into A Home Loan Video
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Make Your Home's Equity Work For You
Curious about a HELOC? Point Breeze Credit Union [pbcu.com] gives you the top 5 uses for a home equity loan and how you can make your home's equity work for you.
For more information about a home equity line of credit, visit:
Looking for more helpful finance tips? Check out our other videos:
• What is CO-OP® Shared Branching?
• How to Protect Yourself Online from Identity Theft and Fraud
• Avoid a Financial Hangover: Money Management During the Holidays
Use Equity To Buy Your Next Property
Equity is the same as cash, and it can be used as a deposit to buy an investment property.
To find out how much equity you have in your own home or investment property simply:
1. Get a valuation on your property.
2. Find out how much debt you owe on the property.
Valuation
-
Debt
=
Equity
e.g.
$400,000 valuation
-
$300,000 debt
=
$100,000 equity
3. Talk to a Mortgage Broker. They can help you work out if you're in a position to buy another property or not.
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Which Is Better: A Home Equity Loan or Line of Credit?
So you need some money. Which is better a home equity loan or a home equity line of credit?
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Great Benefits of a 125 Home Equity Loan
transcript
Do you know what a 125 home equity loan is? I'm sure you know all about traditional home equity loans where you can borrow money using the equity in your home as collateral for the loan. These secured loans provide many people with cash for a wide range of uses. Of course there are other types of equity loans besides the traditional equity loan, and the 125 home equity loan is one of these options. This type of loan lets you get even more cash than usual based on the available equity in your home. Let me first define what equity is. Your home's equity is quite simply the difference in what you owe the bank still and the value of your home. For example, if your home is valued at $300,000 and you still owe $150,000 to the mortgage company then you have $150,000 in equity. One nice benefit is that in a rising real estate market you gain additional equity simply through the rise in your homes value.
Traditional Home Equity Loans vs. 125 Home Equity Loans
In a traditional home equity loan you are offered a loan that does not exceed the amount of equity present in your home. So, if you have $25,000 in equity you're able to get a loan for $25,000. This loan can be used to pay for anything you want from home improvements to education or even a vacation if you choose. The difference between the traditional secured loan and a 125 home loan is in the amount you can borrow. With a 125 loan you can borrow up to 125% of the present value in your home. In this case if you have $25,000 in your home you would be offered a loan of $31,250. In the past many lenders would shy away from this type of loan since part of it is unsecured and increases their risk. These days however more and more lenders, especially online lenders are offering this kind of partially unsecured loan. If you're thinking of applying for this type of loan you should know that a high credit score will help you greatly in getting approved. 125 Home Equity Loan Warning
The 125 secured loan is especially suited for those who need access to a large amount of money. If you are thinking of using the money to start a business or take on a large home improvement project a 125 loan could meet your needs quite well.
Keep in mind that as long as home values continue to rise or at least stay stagnant you're in little danger from this type of loan. However, if your home value declines your equity will decline as well and you could actually end up owing more than your home is worth. It really depends on your needs and circumstances to determine how much sense a 125 home equity loan makes for you. As I said previously, it can be very useful for those starting a business, particularly if you expect the business to have good cash flow. It is also useful for large home improvements since they are likely to increase your home's value and also your equity. Just be careful that you don't overextend yourself when taking any type of home equity loan.
Use Home Equity to Pay Off Debt?
Use Home Equity to Pay Off Debt?
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A home equity loan could help you improve your home
Consider a home equity loan with Lake Michigan Credit Union to take on home projects. (sponsored)
Home Equity Loan Basics
Learn the basics of what a Home Equity Loan can do for you.
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CFCU Home Equity Loan
Ready to start that renovation project?
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Get a CFCU no closing cost home equity loan or line of credit with rates as low as 3-point-2-5-percent APR.
Call a friendly CFCU associate or check us out online today!
How to Calculate Your Home's Equity
Maybe you're thinking about selling, planning for retirement, or need to borrow some money. Knowing the amount of equity you have in your home can influence your decision.
Equity is the result of taking your home's value and subtracting your mortgage balance.
To find a detailed, accurate picture of your home's equity value, you can contact us at 734-752-2496.
Prefer to find an estimated value without talking to a real estate agent?
You can get your free, instant online assessment at:
How To Save With A Home Equity Loan
Wells Fargo financial expert Stephanie Chisolm provides tips on saving with a
home equity loan.To view over 15,000 other how-to, DIY, and advice videos on any
topic, visit
Home Equity Loans - Mission Fed in a Minute
Learn all about Mission Fed's Home Equity Loans.
All San Diegans are welcome. All accounts and loans are subject to approval. Federally insured by NCUA. Equal Housing Lender.
Where To Find The Best Home Equity Loans - How To Choose The Best Home Equity Loan
transcript
Home equity loans are an ideal source of funds even in emergency situations. Such a loan can free up the equity tied up in your home and you can get fast cash for anything you need to spend it on. This could include paying off your credit card debt thus doing away with the piling up interest that the card company charges every month. Best home equity loans are becoming an increasingly popular way to raise fast cash at best home equity loan rate . Best home equity loans - how to choose them: start by believing that your home is your best investment, and your greatest security making it your biggest bank account outside the bank. Best home equity loans have lenders that understand people's need for emergency cash, or the need for cash for any reason, be it a need to renovate the home, add a swimming pool or even a few more rooms to an already existing home. The question of best home equity loans, how to choose them requires you to take the pains to ask about technicalities if you so desire.
Refinancing 100 percent of your loan allows you to cash out all of the value of your home. With no down payment required, you can use your money to pay off debt, invest in other property, or remodel your current home. Refinancing, in this case, might result in raising your payments and interest bill instead of lowering them. With an online process, it's less complicated to get a home equity loan than it is for a standard first lien mortgage. For one thing, there's less paperwork. Shopping for a home equity loan brings with it much of the complexity of shopping for a first mortgage. You'll have to think about the interest rate. Be aware that you should review your first mortgage's terms and conditions to ensure that your lender will allow a second equity mortgage loan with no penalties. Did you find clauses or penalties in your first loan? When you take out a home equity line of credit, you pay for many of the same expenses as when you financed your original mortgage. These include items such as an application fee, title search, appraisal, attorneys' fees, and points (a percentage of the amount you borrow). Auto loans and home mortgages are examples of secured loans. Educational loans are generally not secured. A Cash-out Mortgage Refinance can lower the lending interest rate and is another useful tool that can be used for negotiating terms with various lenders in home equity and mortgage lending market. Mortgages are mostly just like any other loan-except you are borrowing a larger sum of money and making a purchase that is likely to be the biggest investment you will ever make. Mortgage companies serving the United States are able to offer loan packages that make refinancing your home a wise decision. When searching for the best home equity loans - how to choose them, compare your current interest rate to the rates being offered now and see how much money you can save by refinancing your home.
Some interest rates for home equity loans and refinancing second mortgages can be some of the lowest in the nation. Find an online home equity lender which specializes in quick loan approvals and no point home equity loans. They will provide today's mortgage quotes. Check the reputation and customer satisfaction when choosing a home equity loan. Home-equity loans are a dream come true for a lender, who, after earning interest and fees on the borrower's initial mortgage, earns even more interest and fees. If the borrower defaults, the lender gets to keep all the money earned on the initial mortgage and all the money earned on the home-equity loan; plus the lender gets to repossess the property, sell it again and restart the cycle with the next borrower. So it pays to find the best home equity loans - how to choose them is a required skill.
Small Business Tips: Why You Shouldn’t Use A Home Equity Line of Credit For Your Business
As a business owner, you should never take financing out against your home when you could borrow against your business. HELOC rates might appear to be low, but over 20 years, a 4% interest rate could cost you almost half the total loan amount. In this small business tips video, you’ll learn all about how a HELOC works, whether or not equity loans are a good idea, and more! Feel free to drop any questions you have in the comments below. I’d love to offer any advice that can help you as you take your business to the next level!
0:37 #1. Not As Cheap As it Seems:
1:58 #2 Don’t Leverage Your Own Home
2:46 #3 Build A Relationship With A Lender
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Wishing You Success and Growth,
Joe Camberato
Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advice from National Business Capital & Services and the author. Do not rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely on this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there may be errors, omissions or mistakes.
Home Equity Loan No Credit Bad Credit No Income Qualifying Kelowna British Columbia
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Verico Bayfield Mortgage Professionals
Home Improvement Loan vs Home Equity Line Of Credit (HELOC)
Home Improvement Loan vs Home Equity Line Of Credit (HELOC)
In this video you will learn the difference between Home Improvement Loan vs Home Equity Line Of Credit.
Thinking about starting a home improvement project?
Most people don’t have money saved up to do home improvements, sound familiar?
Borrowing money is a great option if you do your homework.
Let’s take a deep dive at understanding two of the most popular ways.
Home Improvement Loan VS Home Equity Line Of Credit (HELOC).
Apply today for a loan today fast and easy at
Home Improvement Loans:
Let’s go over the fastest and easiest option first.
Home Improvement Loans are extremely popular and for good reason.
Let’s face it, home makeover projects are expensive, many homeowners can’t pay cash or do not have equity built up in their homes.
Many folks like yourself finance home improvement projects with an unsecured loan instead of using their credit cards.
Home improvement loans don’t require your home as collateral which is a huge advantage.
These loans are backed by your personal income and credit history and are extremely easy to get even with below-average credit scores.
How fast can you get money?
Home improvement loans are the fastest way to get money.
The approval process is easy, a simple 5 minute online application will get things started immediately.
Depending on how much money you need and how quickly you respond to the lender, you can have money in your bank account as fast as tomorrow.
Want to get started right now?
Simply fill out the form that takes just a few minutes on LenderCart.com.
Get your project started today!
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How to Tap Into Your Home's Equity
If you’re in a position where you want to pull out equity from your home to pay off other debts, going through a big bank like Citi or Wells Fargo isn’t always the best option. Their guidelines are pretty vanilla, and it can be tough to qualify. However, there are other ways you can tap into that equity with the help of a loan officer like myself. Conventional, FHA, and VA loans will not only allow you to pull that equity out, but they can lower your interest rate as well. To learn more, watch this short video.
Learn more:
Apply Online:
Request a Consultation:
Abel Tejeda
The Mortgage Guy
619-948-2996 | abel@abeltejeda.com | abeltejeda.com
1419 University Ave, Suite C
San Diego, CA 92103