What Is a Home Equity Loan?
It’s time to join the small handful of people who enjoy borrowing simplified. Tired of your banker telling you what you should or can’t do? Feeling stuck towards affecting positive change for your family’s future? It ends today.
Home Equity Loan Definition
A home equity loan in simple terms is when you borrow an amount of money that is part of the verified value of your property. The amount borrowed is backed up by the home itself.
Sorry Michael…I still don’t understand what you mean?
Okay, let me break this down for you. Here is a better home equity loan definition.
Think of a home equity loan vs a mortgage situation. The similarities are that both are borrowed against your home and both are backed up by the home’s value.
The main difference is found in the reason for borrowing.
With a mortgage you are usually purchasing a home. Or you are looking at your options towards refinancing an already borrowed amount of an existing mortgage to get better rates and terms.
In looking at a Home Equity Loan, the reason to borrow is typically to secure new money from your existing equity.
Quick example: Your home is worth 900K and you owe 600K on your mortgage with the bank. Your Home Equity Loan potential is 120K with exceptions up to 210K.
What a Home Equity Loan is Not
As you look towards gaining understanding of Home Equity Loans there is a caution. Who explains this loan to you will determine the chances of successfully acquiring the loan and the cost involved.
There is a misguided bank representative out there that I will call ‘mortgage minx’. Her advice is perilous to listen to. She will lead you down the garden path that either ends up confusing you or leaving you so defeated you will never try to get a home equity loan again.
Understanding A Home Equity Loan
A Home Equity Loan is not a vehicle to get rich off the backs of people or to dehumanize them should they have trouble qualifying through traditional channels. It should be an empowering, educational experience with the goal of getting you the money you need for a better tomorrow.
I love to stand back and watch that moment when the dust settles and my client sees how empowered they feel once they understand the truth. You have always had the power to access your equity towards your goals, dreams, and desires…you just weren’t empowered to wield the tools you needed to succeed. As your Mortgage Agent I will guide you there.
Find out more about all of the things you need to know about Home Equity Loans Made Simple
Home Equity Loan Success
Remember, who you trust to explain what a Home Equity Loan is makes all the difference as to what you feel is possible. What is at stake in listening to the wrong ‘expert’?
But there is hope…as you find out what is possible and change the image in your mind’s eye of what you can accomplish. And now you also have a better understanding of what a Home Equity Loan is.
So now to plant your feet firmly on the ground, put both hands on the keyboard in front of you and type in your name, contact information, and your situation below. Let’s get you a great Home Equity Loan today!