HELOC
Home Equity Line of Credit
If you have equity in your home, check with your home loan lender on doing a Home Equity Line of Credit (HELOC).
A HELOC is a loan you must get pre-approved for. It is typically based on the equity you have in your home, your credit score, payment history and more. With a HELOC, you only pay interest on the amount of money you have pulled out/you are using. So if you get a HELOC for $100K and only borrow $20K, your interest payments are calculated on the $20K. This is perfect for short-term loans that will be paid back quickly. HELOC options vary based on your financials and the banks current programs.
Most people start with the bank that has their current loan. This process can take 30-45 days.
Consult and work with your financial advisor to see what matches your needs best.
Refinance Of Existing Property
Cash out Re-finance
As an alternative to a HELOC, you can also do a cash out re-finance if it makes more sense for you. Cash out re-finance means that you take some of the equity out on your property for personal or business use. In the case of a re-finance, you’ll have a new loan, new interest rate and new amortization schedule and pay back period. This is perfect for a longer-term loans where the loan will be paid back over a 115, 20 or 30 year period. With a cash out re-finance you are paying interest on the entire amount borrowed (as opposed to a HELOC where you only pay on what you currently have in use). Cash out re-finance options vary based on your financials and the banks current programs. Most people start with a local lender or the bank that has the current loan. This process can take 30-45 days. Consult and work with your financial advisor to see what matches your needs best.
LENDERS - HARD MONEY AND CONVENTIONAL LOANS
Blink Lending - Paul Lamantos
Blink Lending is a one-stop shop for all of your property lending needs. They are an excellent resource for hard money, private money, HELOC, traditional loans on homesteads or income property, and refinance loans on homesteads or income property. Blink Lending can also provide your pre-approval and pre-qualifications for any property you are looking to purchase.
DISCLAIMER: We are not financial advisors. You should use your funds wisely and consult with your attorney, accountant, CPA or trusted financial advisor on every decision you make. Please take personal responsibility for your actions.