Time to Reel It In | Valor HELOC LOAN
If you’re struggling with debt, consider it Time to Reel It In | Valor HELOC Loan to help you get back on track.
A Valor HELOC can help you Shore-up your finances!
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. HELOCs are commonly best for individuals needing funds to pay off debt. They also benefit individuals who need funds for ongoing home improvement projects. Typically HELOCs have lower interest rates than home equity loans and personal loans.
How does a HELOC work?
A HELOC works by giving you a line of credit available for a set time frame. This is 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
- Potential fees and closing costs
- If you default, you risk losing your house
Valor HELOC Loan Highlights:
- Primary Residence, Second Home
- SFR, 1-4 Units, Townhome, PUD, Condo (FNMA Warrantable)
- Max Loan Amount $2,000,000 (minimum $100,000)
- Cash-out Limit $500,000
- Condo, 2-4 Units, Second Home, Declining Markets | 70% LTV/CLTV
- First Time Homebuyers (FTHB) | 70% LTV/CLTV 700+ FICO
- 660-699 FICO score (70% LTV on purchase and R/T | 60% LTV on Cash-out)
- 700+ FICO score (75% LTV on purchase and R/T | 65-70% LTV on Cash-out)
- 50% DTI (debt to income)
Bottom Line
If you are an individual that is in need of funds for an ongoing home improvement project or need 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 with 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 today’s mortgage loan process. We will be standings by for your call.
Recap of our Loan Products
- Hard Money Loans (35% 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)
- 10% down Jumbos, WITH NO MI up to $2MM /10% Down up to $3MM
- 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)
Other Programs we Offer:
- Conventional Conforming Loans
- High Balance Conforming
- FHA, USDA
- Reverse mortgages up to $1 Million in Value
- Cash-Out Refinancing
*Terms and conditions can change daily without notice
We look forward to the opportunity to serve you!
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