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Your home can be a valuable financial resource to fund the projects on your list. In this case it’s important to understand how to make the most of your home equity. Whether the improvements are necessary like repairs or upgrades to your home or something more fun like installing a new swimming pool or to spruce up your home’s curb appeal, you can actually increase the value of your home when you take out a home equity loan. So whether you want to renovate your home, cover tuition costs, or replace your automobile, you can use a home equity loan from us.
What is Home Equity?
Your home equity is the difference between what you still owe on your home and what your home is worth. An equity loan is a mortgage lien placed on real estate in exchange for cash to the borrower. For example, if your home is worth $250,000 USD and you owe $20,000 USD, you have $230,000 USD in home equity. You can get an equity loan up to 50% loan to value (LTV) or $125,000 USD minus closing costs. As we only do first mortgages, you will be required to pay off the initial loan of $20,000 USD from the funds borrowed. The loan pays off the existing loan and leaves funds for your needs. In exchange, the lender places a lien on the title.
Rates and Terms
A home equity loan uses your home’s equity for cash, providing you with a lump-sum of money. And because you’re borrowing a specific amount of money, for a specific period of time, at a fixed interest rate, your monthly payments stay consistent. A typical bridge loan will have a term of 6 to 36 months. The rates on a home equity loan can be comparable to conventional bank rates, so this can be a more economical option for you.
Gap Equity Loans takes pride in fully informing borrowers so that they are confident in the borrowing process. So if you have a property in the Central Valley or most of the popular beach areas, our lenders have money to lend without the hassle of traditional banks. You may qualify for a loan up to 50% of your home equity value. Borrow from $50,000 USD and up using your property’s equity!
Our rates and fees are competative, and we close in days, not months! Every loan is different, but we have funded loans in less than 48 hours. The norm is one to two weeks after the application has been approved.