Equity Mortgage Loans

We offer Equity Mortgage Loans either as stated loan package or no doc loan package. We will not ask for tax returns or W2s. We keep it simple with the Equity Mortgage loans by offering them easy doc or no doc. It is the borrowers’ choice. They types of loans are available for residential and commercial properties.

A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education. A home equity loan creates a lien against the borrower’s house and reduces actual home equity.

Most home equity loans require good to excellent credit history, reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types: closed end(traditionally just called a home-equity loan) and open end (aka a home-equity line of credit). Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. Home equity loan can be used as a person’s main mortgage in place of a traditional mortgage. However, one can not purchase a home using a home equity loan, one can only use a home equity loan to refinance. In the United States, in most cases it is possible to deduct home equity loan interest on one’s personal income taxes.

To find out more see our “Hot Loan Products” for rates and guidelines.

Comments are closed.