In need of financing a large purchase or renovating your home? Top Flite Financial offers an easy and affordable option to help you find the money you need. Home equity loans use the equity built up in your property to secure financing at a favorable rate.
These loans allow you to borrow a large sum amount based on the value of your home. An appraiser will determine this based on your current equity.
Generally these loans fit best for people when they need cash for a single major expense. In most cases, this won’t be useful for borrowing small amounts of money.
If you’re curious about whether or not you qualify, sit down with Sheryl Rohen at Top Flite Financial and discuss the advantages of home equity loans.
To qualify for a home equity loan, you must have:
- Equity in your home of at least 15% to 20% of its value
- A debt-to-income ratio of 43% (50% in some cases)
- A credit score of 620 or higher
- Strong history of paying your bills on time
Homeowners use home equity loans for a multitude of reasons. If you’re looking to renovate your home or reinvest in your property value, consider a home equity loan. Use equity you earned over the years to make things happen.
If you’re paying high interest rates on multiple credit card,s a home equity loan helps consolidate debt and simplify your finances.
Do you have any big bills lying around? Instead of taking out a personal loan, consider a home equity loan.
While home equity loans prove to be useful and smart in many cases, not every situation calls for one.
We pride ourselves on addressing all our clients’ needs while being as thorough as possible.
Sit down with Sheryl Rohen today and learn more about how you can use a home equity loan, and if one’s right for you.