What Is Home Equity?
Home equity is a tangible value placed on the dollar amount between your home’s appraised value and the principal amount owed on your mortgage. For example, if you owe $150,000 on your mortgage and your home is worth $200,000, then you would have earned $50,000 in home equity. For refinance purpose you would be at 75% Loan to Value. Home equity has become the American way, because there are so many ways to use it. You can borrower against you home equity.
You can cash out your home equity, or you can do nothing and let the equity appreciate over time. Typically the more equity you have, the lower the interest rate you will qualify for when applying for a home equity loan.
Home Equity Application Process
Fill out a simple loan Request form online . Shortly after completing the application, we will connect you to several leading home equity broker and mortgage lenders in your local region. All of these lenders have been pre-screened and all will be offering multiple solutions for fixed rate equity loans and variable rate home equity credit lines.
Home equity financing is great financing tools for gaining quick accessing to money or for refinancing revolving debt and student loans. Homeowners can select from fixed rate home loans or variable rate home equity lines of credit that feature revolving access to your finance your home equity.