Home Equity Mortgage Loans
¿Qué pasaría si tuviera una inversión que hubiera crecido en valor, pero no sabía cuánto valía y no podía retirar dinero de ella? Probablemente buscaría una inversión diferente.
Now think of your home. If you’ve owned it for a while, it’s probably worth more than when you bought it, so that additional value is money you could access. That’s how a home equity mortgage loan works. You find out what your home is worth, and then borrow a portion of the value that exceeds your mortgage balance. The funds can be used for home improvements, debt consolidations, weddings, college tuition, medical bills, and many other expenses.
¿Qué es el valor acumulado de la vivienda?
El valor de la vivienda es la diferencia entre el valor de la tasación de su vivienda y el saldo restante del préstamo para la vivienda. Como propietario de vivienda, usted construye el valor acumulado de la vivienda al realizar un pago inicial y pagos de capital contra su hipoteca.
Si el valor de su vivienda aumenta en el mercado justo, usted se beneficiará del posible aumento en el valor acumulado de la vivienda cuando venda su propiedad. Esta es otra forma de aumentar el valor acumulado de la vivienda.
Home equity can be used as collateral for home equity mortgage loans or home equity lines of credit (HELOC). So, if you have home equity, you may be able to use it as a lower interest solution than typical credit cards provide.
What is the process of a home equity mortgage loan?
The process of getting a home equity loan is simple:
- Meet with a CCM loan officer
- Apply for a refinance online or directly with us
- We’ll review your application and order an appraisal
- We’ll ask for any additional items needed for final approval
- Close and access your funds
Eligibility requirements for a home equity loan
Different programs will have different requirements. Here are some things considered when applying for a home equity loan:
- Home equity
- Credit score and credit history
- Debt-to-income (DTI) ratio
- Income
