Advantages and disadvantages of home equity loans
Home equity loans are loans guaranteed by a property in whose name the debt is contracted. In the market there are various entities and companies dedicated to granting this type of loan. The most practical way to apply for a home equity loan is to go to a specialized company that manages it for you, such as Loan Solution.
We look for the best conditions for you, analyzing in depth the offers you have. The mortgage guarantee is the right that the lender acquires on that property, giving it the possibility of owning or selling it if the loan is not paid. The best way to ensure that your home equity loan can have the fewest clauses, the lowest interest rate and the best installment is to resort to qualified professionals from the financial and mortgage sector, such as Loan Solution.
In addition, we only charge you if we can get you the best possible loan, which you just could not have accessed. These types of loans are very common today, since they greatly facilitate access to the financing you need to carry out your project. Keep in mind that you are putting a property as a mortgage guarantee, so if you do not pay the loan, you will be left without said property. You can use a garage, an industrial warehouse or a house. Every property is capable of being used as a mortgage guarantee. Obviously, the amount of money that you will be granted as a loan will depend directly on the value of the property that you use as a guarantee or guarantee. In addition, with this type of loan, and if you are well advised, you can expand them later if you need extra money, although the opening costs are included, so you will not have to ask for a personal loan, which will be more expensive.
What are the characteristics of home equity loans
- They require you to have a property free of charges; or that at least you have little money left to pay on the mortgage that is already on them.
- They are usually studied very quickly and the answer usually arrives in about 24 hours. You also do not have to justify why you want the money you request.
- They are granted based on the value of the property that is mortgaged, generally between 40 and 50% of said value. In any case, they range between $ 5,000 and $ 300,000.
- They usually have a repayment term of up to 20 years, at an interest that usually ranges between 9 and 13%. Based on the fee you want to pay, you can request it to pay in less years.
- You can request them even being in a file of defaulters, it is not necessary to have fixed income, because the guarantee is the property that you mortgage.
Without results we do not charge
As a sample of transparency in our operations, from Loansolution we only collect our fees in case of success of our clients. This allows them to increase the trust that they place in our services and thus avoid having to pay anything in advance.
You just have to contact us and we will carry out a personalized study to find the most suitable offer depending on the situation of our client, their financing needs and the situation of the financial market.