This second mortgage allows homeowners to borrow against the equity in their property, based on the difference between the home’s current market value and the remaining mortgage balance.
Contact UsTo qualify for a Home Equity Loan, you generally need to have 15% to 20% equity in your home, which will be determined through an appraisal. Your credit score should be 620 or higher, and a strong history of paying bills on time is important.
You can apply for either a fixed-rate loan or a home equity line of credit (HELOC). Home equity loans are especially beneficial for homeowners in Denver looking to renovate and increase their home’s value.
Like a regular mortgage, a Home Equity Loan requires regular payments that cover both principal and interest.
If you live in Colorado, Wyoming, Montana, or Kansas, and have built equity in your home, give the team at Peak Financial a call to see if you qualify for a Home Equity Loan!