Rest assured, a specialty of ours at Stonebriar Mortgage are home equity loans! Not to be confused with home equity lines of credit, home equity loans are fixed rate mortgages and not lines of credit.
This type of funding is secured by a home and permits homeowners access to a piece of their available equity that typically comes as a single payout with a fixed interest rate and fixed monthly installments.
Prior to obtaining a home equity loan, a homeowner should:
- Determine if a fixed-rate loan is suitable to their needs.
- Decide the total amount of funding needed to be borrowed over a certain period of time.
- Consider if they are fully capable of making payments in a timely fashion to preserve their credit rating and homeownership security.
Homeowners can certainly expect lenders to review their credit score, credit history, income, employment history and monthly debts in the same fashion they did during their original mortgage process.
Many lenders have similar home equity loan programs with similar components, however, some aspects will vary from lender to lender. That is why it is advised for homeowners to compare several crucial points as they review which lender is the best fit for their proper home equity loan needs.
Home equity loans are ideal for those with immediate expenses and wish to receive all of their funds up-front and would like to pay their loans back via fixed installments over a specified timeframe.
Contact Stonebriar Mortgage today at (214) 669-3307 so we can begin assisting you with acquiring a home equity loan in the Dallas-Ft. Worth area!