How Long Can I Borrow Money For?
Once a potential borrower learns about the simple and easy process of obtaining an equity loan with Gap Equity Loans, the next question usually is “How long can I borrow money for?” or “How long is the typical loan term?”
We can process equity loans between six to three years.
We, typically, process our loans at (six months, one year, two years and three years). The duration (term) of the equity loan does not affect the interest rate of the loan.
Additionally, an equity loan that we process can be typically be renewed/refinanced regardless of the loan term. The caveat to refinancing/renewing a loan is that the borrower must never have been a “day late or a dollar short” with their loan payments. We say typically because circumstances change, a lender may choose to not renew an equity loan because he/she would like their capital back for personal, medical reasons etc…
However, as a borrower, never missing a loan payment or being short on a loan payment, is worth its weight in Gold!
It becomes very easy for us to refer a borrower to a new lender when there is a good loan repayment history. It is strongly suggested that the borrower pay down their equity loan by a minimum of 10% or more, so the loan amount does not increase.
In closing, Gap Equity Loans makes it super easy to get a loan by borrowing against the collateral in your home.
Contact Us Today!