Are Your Bills Under Water Now? A Home Equity Line of Credit may be The Answer, and Valor Lending has you covered. In today’s high inflation and the rising cost of living, many American homeowners are finding it harder and harder to make ends meet and need to realize they have idle equity in their homes. A much-overlooked solution is a Home Equity Line of Credit (HELOC). These funds should be noticed and maybe your answer.
Are your bills under water now? You can consider a Home Equity Line of Credit.
What is a Home Equity Line of Credit or HELOC?
A HELOC (home equity line of credit) is a home equity loan that allows you to draw funds as needed and repay the money at a variable interest rate. Typically HELOCs have lower interest rates than home equity loans and personal loans. The Best HELOC Programs are commonly for individuals who need funds to pay off existing debt. They are also beneficial for individuals that need funds for ongoing home improvement projects.
How does a HELOC work?
A HELOC works by giving you a line of credit available for a set time frame, known as the draw period. Most HELOCs have an interest-only draw period, and you can make interest and principal payments to pay off the line of credit faster.
Pros and Cons of HELOCs
Pros
- You only pay what you spend
- Use the money for anything
- Options to lock in or fix your rate
- Lower interest rates compared to credit cards and personal loans
- You can borrow more money than with a credit card or personal loan
Cons
- The application process for a HELOC is longer than a credit card or personal loan
- Possible minimum withdrawal requirements
- Set draw period
- Possible fees and closing costs
- If you default, you risk losing your house
Bottom Line
Are Your Bills Under Water Now? If you are an individual that needs funds for an ongoing home improvement project or needs to pay off some debt, a HELOC may be the right loan option for you. Some pros of HELOCs are that they have lower interest rates compared to credit cards and personal loans. Also, you can borrow more money than a credit card or personal loan. A con is that if you default on the HELOC, you could risk losing your house. Valor Lending Group offers every mortgage loan in the book and is here to help you through the mortgage loan process today. We will be standings by for your call.
Feel free to give me a call for immediate attention to your loan scenario.
AT VALOR LENDING WE OFFER EVERY MORTGAGE LOAN IN THE BOOK‘
We fund nearly every loan in the book and with dedicated customer service. We assure you of excellent communication throughout the loan process to ensure that your loan closes in a smooth and timely manner.
Recap of our Loan Products
- Hard Money Loans/Bridge Loan (20% down / minimal documentation) Typically funded in 7-10 days.
- Stated Income Loans (Great for business owners and self-employed) No tax returns!
- 100% financing is available (we can cross-collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Rental Property Loan – No tax returns or DTI calculation! Based on the subject property’s cash flow – No DSCR Coverage is needed!
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground-up Construction for spec homes, custom homes, and commercial ground-up.
- Farms, Vineyards, Ranches, and Agricultural Properties (25-30% down)
- Jumbos to twenty million / Super low rates! / Ten percent down Jumbo to three million
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We also offer:
- Conventional Conforming Loans (under $647,200)
- High Balance Conforming (from $647,200-$970,800)
- Jumbo Loan Financing to $20 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, USDA
- Reverse mortgages up to $1 Million in Value
- Cash-Out Refinancing
We are never too busy for your referrals.
CONTACT ME TODAY for immediate attention to your scenario!
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