Home Equity Loan
If you already own a home in Wyoming but want to convert that equity into cash, then a home equity loan could be for you. A home equity loan is basically a second mortgage that allows homeowners to borrow against the equity in their residence.
It’s based on the difference between the home’s current market value and the remaining mortgage balance.
Do you qualify for a Home Equity Loan?
To qualify for a home equity loan, you need to have at least 15% to 20% of equity in your home which is determined by the appraisal. Your credit score also needs to be 620 or higher while having a very strong history of paying your bills on time.
You can apply for either a fixed-rate loan or home equity lines of credit. Home equity loans are great for people who live in Wyoming and want to renovate their home to increase its value.
Just like regular mortgages, a home equity loan requires that you make regular payments that cover both principal and interest.
If you live in Wyoming and have built equity in your home over the last several years, give the team at Peak Financial a call to see if you qualify for a home equity loan.