Many people don't realize that the equity they've built up in their homes can be converted into ready cash. Home equity is the value accumulated in your home through your payments on the principal of the mortgage. In other words, it's the amount of the house that you have paid off and own. At Downs Financial, we specialize in helping homeowners secure the best possible home equity loan for their needs, and we can help you do the same.
A Home Equity Loan Makes Great Financial Sense
Home equity loans are the perfect way to pay for home improvements, your child's education, a car, or any other large expense. You can finance for up to 100 percent of your home's equity, or for only as much as you need for a specific expense. Home equity loans usually also come with much lower interest rates and fewer closing costs than other loan types, making them a great alternative to refinancing and a good way to consolidate credit card debt.
Although you will apply for your home equity loan in much the same way as you would any other loan, they are generally easier to secure since home equity is such excellent collateral. It's important to remember, however, that your credit score will affect your ability to get a home equity loan, although there are many alternatives available for those with less than perfect credit. At Downs Financial we're committed to helping our customers secure the loans they need; in fact, four out of five loan applications we receive end up being approved!
Applying for a loan with us is a simple four step process. First, simply fill out a brief questionnaire with some basic personal and financial information. Within minutes you'll receive a call from one of our associates who will confirm your information and the type of loan you're applying for. Once we've processed your application, you'll receive word on your approval in just a few minutes, and once you've been approved, we fund your loan! Downs Financial is a direct lender, so we can offer you some of the most competitive rates in the industry. Let us help you help you take advantage of the equity in your home today!