Home Equity Loan FAQ
Here are some of our most frequently asked questions (FAQ) regarding home equity loans:
How do I know if I qualify for a home equity loan?
If you have available equity in a home that you own, you may be able to borrow against it. If you have good credit and a regular repayment schedule, you can likely qualify. Contact a qualified and respected lender to determine your exact loan capability or visit a site that brings together lenders like Mortgage101.com.
What are the benefits to borrowing against equity in my home?
Often, you may have other outstanding debts or other financial insecurities. An injection of capital from an equity loan may allow you to prioritize your financial life through debt consolidation, or give you the financial freedom to begin a new investment or business endeavor.
What are the disadvantages to a home equity loan?
If you have difficulty paying your mortgage as it stands now, an additional monthly payment may not fit into your financial life. A conversation with a loan officer will help you to determine if a loan is right for you.
How soon can I get money from an equity loan?
If you speak to a lender today, you may be able to get your money with a matter of weeks. Depending on your specific situation and the lender you choose, these times vary, but the sooner you act the sooner you can start to receive the money from the loan.