Home Equity Loans

True Alliance Financial aims to provide the best financing solutions for consumers, giving options that will compensate with the value of the service they hope for. Our company aims to open avenues for business owners and individuals alike, especially with residential investments such as home equity loans. With the fast-paced growth of consumer demands and in response to the modernized urban lifestyle consumers are given options to avail home financing for many purposes be it for home improvements or to purchase new homes more apt for the consumer or an upgrade. Home equity loan, also called 2nd mortgage is an option provided by financing companies wherein the borrower uses the home equity for collateral.

Though a number of consumer finance offers are out in the market, here are a few fees to consider before signing up for loans which also demands attention.

  • Originator fees
  • Title fees
  • Appraisal fees
  • Arrangement fees
  • Early pay-off fee
  • Stamp duties
  • Annual or Membership fee
  • Inactivity fee
  • Closing fees

Moreover, a home equity loan allows the borrower to avail up to almost equal to the value of the home minus the liens incurred with previous loans. Inasmuch as we want to provide feasible solutions for the home. Thus, the 2nd mortgage may also be used as the main mortgage yet still not enough for buying a home hence, it is fitter for refinancing. Same as other consumer finance loan offers, we require thorough and excellent credit line history for all the consumers who wish to avail of this offer.

Since the equity of the home is used as collateral, our lending appraiser will look into the property thoroughly to assure consumers with reasonable loan release approvals and recognise all assets therein. However, this offer is a credit line secured by real estate properties and for this instance, it is the borrowers’ home. So here are a few reminders and things to always check when availing loans for frequent borrowers and also for starters in the lending industry.

Make sure to have your property appraised beforehand-check for the overall cost of your home and your projected cost of borrowing. There are two types of home equity loans offered, namely; fixed-rate loan wherein a lump-sum of payment is released to the borrower and will be paid off over time yet the interest and payment rate remains the same until the full payment of the debt; another is the lines of credit in which functions more like that of a credit card where the amount is released within a certain length of term and could be used for purchasing in a certain spending time period and in turn should be paid in full before the due date; make sure to pick which plan suits you best.

Also, take note of the advantages and disadvantages of your desired loan. Take time in taking notes and jot down important key points during the appointment with the lending officer. Furthermore, take the time to attend financial seminars prior to lending. We provide all possible resources to help consumers come up with decisions as to improve and help consumers avoid spiralling checks which lead to bankruptcy. Seek advice from professional consumer finance experts since they are the best person with regards to finances. Above all, these offers are only feasible when you are in partnership with True Alliance Financial. We have a dedicated team focused mainly on providing solutions fit for every consumer need. Feel free to call us and learn more about home equity loan offers.