Frequently Asked Questions
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FAQ's Frequently Asked Home Loan Questions
You can close your home equity loan in as little as 7 working days, depending on where you live and the speed in which you supply requested documents to us.
Frequently Asked Questions about Hard Money | Frequently Ask...
If we have your pre-approval information and all of the information about the property, appraisals etc, it can be as short as two days. The first loan may take up to seven days. It is our business to act quickly so you may secure quality rehab properties you find. Get that pre-approval in.
Financial Freedom - Reverse Mortgage FAQ
Both a reverse mortgage and a home equity loan use the equity you have built up in your home to provide you with readily available cash. They differ in that with a home equity loan you must make regular monthly payments of principal and interest. However, with a reverse mortgage you do not make any monthly mortgage payments for as long as you stay in the home.
Homes with an "IN" or "IE" designation usually close in 55-60 days after the drawing. Homes designated "UI" usually close 70 to 80 days after the drawing.
Frequently Asked Questions - JC Capital
A home equity loan is advanced in one lump sum. You make fixed monthly payments over a fixed term and are charged interest only on the unpaid balance. A loan makes it easier to budget since your monthly payments are fixed over the life of the loan. A home equity line of credit is a set amount of money you are approved to use whenever you like. You access your funds by writing checks. As you repay the balance, you can continue to access your credit line up to your approved credit limit.
Seattle Score Chapter 55
If you have a sizable equity in your home, you might borrow against the equity and use the proceeds to operate your business. You must indicate on the loan application that you intend to use the money for financing your own business. Failing to do so could be considered misleading and might result in charges of fraud.