When you're looking to take out a mortgage loan on your property, the mortgage lenders…
Now that the rainy season is here in Costa Rica, it’s time for homeowners to leverage home equity and tackle those home improvement projects they had been putting off all summer.
Your home’s equity can be a valuable financial resource to fund the projects on your list. 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, consolidate your bills, cover tuition costs, or replace your automobile, you can use a home equity loan from Gap Equity Loans.
What is Home Equity?
Your home’s 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 and you owe $50,000, you have $200,000 in home equity. You can get an equity loan at 50% loan to value (LTV) or $125,000 minus closing costs. The loan pays off the existing loan and leaves funds for your needs. In exchange, the lender places a lien on the title.
Home Equity Loan
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 significantly lower than rates on credit cards, so this can be a more economical option than paying for what you need with plastic.
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, Jaco, and most Guanacaste 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 to $325,000 and up using your properties equity.
Our rates and fees are similar to local banks. But 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.