Please read this in its entirety, and follow the instructions here, and in your e-tickets email, or we will not be able to assist you with our no monthly payments and no interest program.
When one wants to tap into the equity of their home, as the image above demonstrates, one usually has 3, main, options, that just about anyone can use:
Option 1: HEL (Home Equity Loan),
Option 2: HELOC (Home Equity Line Of Credit),
Option 3: Cash Out ReFi (Refinance).
What you need to keep in mind, for all of these is that in most, if not all, circumstances, while you will have “cash” for your investment options, you will now have two debts: your original mortgage (or new mortgage, for the ReFi), and your new loan. However, there is one an option that involves no monthly payments and no interest! It is “equity sharing.”
Investors will loan you an amount of money—ranging from 10 – 20%--and charge you no interest or monthly payments. Here are some FAQs:
Q: Is this a loan?
A: No. With no interest and no monthly payments, it is a mortgage debt alternative.
Q: How does this work?
A: You sell a future share of your property's future value upon selling (up or down), for a set amount of cash now.
Q: How much can I receive?
A: Up to 20% of your home's appraised value. The most invested in one home is $500,000; generally investments are less than this.
Q: What are the basic qualification guides?
A: One must have a dependable source of income, as well as good credit of +680. A soft pull is done in the pre-approval phase, which won't show on your credit, DTI (debt to income) ratio of less than 43 percent, be your primary residence, and other factors.
Q: What types of properties are considered:
A: Single family homes, Condominiums, Townhomes. Manufactured/mobile homes are generally not considered.
Q: Do the firms benefit from the equity?
A: No. The equity is yours.
For us to be able to help you, when you receive your e-ticket, you will need to email us:
1- Property address2- Homeowners full legal names3- Best contact number(s)4- Email address(es)
You will also have the ability to email us, with any questions you have, prior to the meet.
Thu Oct. 118:00 am - 8:00 pm