You are less than 60 seconds away from your quote.
Resume from where you left off. No obligations.
A Home Equity Loan has much less risk than a Home Equity Line of Credit (HELOC). It is ideal for homeowners seeking additional funds, whether for home improvements, debt consolidation, or other major expenses.
A Home Equity Loan is ideal for homeowners seeking additional funds, whether for home improvements, debt consolidation, or other major expenses.
A Home Equity Loan allows homeowners to borrow against the equity they’ve accumulated in their homes. This type of loan offers a fixed interest rate, in sharp contrast to HELOCs which have variable interest rates that are tied to Prime Rate.
A fixed rate means that your rate and your payment will never change – giving you the predictability that responsible homeowners count on.
Your Home Equity Loan will sit in second position behind your 1st mortgage – so there is no need to give up that low rate you have on your 1st mortgage!
So, if you’re contemplating a major home renovation or consolidating high-interest debts, a JVM Home Equity Loan might be the ideal choice.
When weighing the options between a Home Equity Loan and a Home Equity Line of Credit (HELOC), one standout advantage of JVM’s Home Equity Loan is its fixed interest rate, as we mentioned above.
HELOCs come with variable rates that fluctuate over time, as we have seen in recent years when HELOC rates shot up over 5%! JVM’s Home Equity Loan offers stability and predictability in your monthly payments. This means you won’t be caught off guard by sudden spikes in interest, allowing for better budgeting and financial planning. Furthermore, the certainty of a fixed rate can provide peace of mind, especially in an unpredictable economic environment.
There are several compelling reasons to consider a Home Equity Loan with JVM Lending:
Eligibility for a JVM Home Equity Loan is based on:
If you are concerned about either of the Cons listed above, we recommend talking with one of our mortgage experts. They can help review your full financial profile and advise you on the best path forward.
Considering a Home Equity Loan with JVM? Here’s a straightforward breakdown of what you need to know.
NOTE: As of now, JVM’s Home Equity Loans are not available within the state of Texas. Please contact JVM Lending for alternatives.
Before getting the loan, a full appraisal of your property is required. This means a professional will assess the value of your home to determine how much can be loaned.
Your loan will be manually reviewed based on Fannie Mae guidelines. This means a person, rather than a computer system, will evaluate your financial details. Some specifics they’ll look at include:
Your property type must be one of the following:
When getting a Home Equity Loan, you’ll need title insurance to confirm you’re the clear owner of your home. There are three main types:
You must show proof that your home is insured. Don’t worry; you won’t need to increase your coverage just because you’re getting this loan.
Ensure your property taxes aren’t overdue by more than 60 days when closing the loan. If they are, you’ll need to show you’ve paid them or settle them before finalizing the loan.
Before closing, any other debts or liens against your property, except for your primary mortgage, must be paid off. Also, certain types of primary mortgages, like those with balloon payments due soon or reverse mortgages, might affect your eligibility.
This refers to your credit accounts or “tradelines.” At least one person applying for the loan should have a good credit history, based on accounts they’re responsible for.
STEP #1: Initial Consultation
Discuss your needs with a JVM Lending mortgage expert. Schedule a call with us here: Talk To A JVM Mortgage Expert
STEP #2: Complete Your Loan Application & Collect Documentation
Complete JVM’s loan application and necessary paperwork and provide relevant financial documents.
STEP #3: Property Appraisal
We will have an appraiser visit your home to determine your home’s current market value.
STEP #4: Loan Approval & Locking In Your Interest Rate
Upon loan approval, you’ll be presented with the interest rates and terms.
STEP #5: Funds Disbursement & Closing Your Loan: Once you’ve reviewed and sign all documents, we will close your loan and you’ll receive your loan in a lump sum amount.
Every homeowner’s situation is unique. To determine if a JVM Home Equity Loan aligns with your financial goals, consult with one of our mortgage experts at (855) 855-4491 or [email protected]. We can provide a comprehensive equity analysis, answer questions, and guide you through the process. Let’s get started!
Resume from where you left off. No obligations.