| ELITE MORTGAGE SERVICES, INC. |
| HOME EQUITY LOANS |
| CONTACT US NOW Phone: (239) 354-0058 Fax: (888) 607-4420 info@elitemortgageservicesinc. com |
Home Equity loans are very popular right now because of the low interest rates available. They can be used to pay
off those high interest credit cards, remodel a kitchen, or anything yo need extra cash for.
Home Equity is the net value of your home that you own outright. In other words, it is the fair market value of your
home minus what you owe on your mortgage. For example, if your hoe is worth $200,000.00, and the balance
remaining on your mortgage is $150,000.00, then your home equity is $50,000.00. You own $50,000.00 of your home
free and clear.
We have some more information about home equity loans further down, or you can start the loan process by clicking
the pre-qualification link below. If you want to know for sure where you stand, we have included the official Uniform
Residential Loan Application and Credit Release form which can be printed and faxed to me.
We are available to help you every step of the way. Just call us at (239) 354-0058, fax at (888) 607-4420 or e-mail us
at info@elitemortgageservices.com
Home Equity Pre-Qualification
Loan Application
Credit Release Form
If you receive an error message when trying to download either of the above forms, you might need to first download
the acrobat reader.
Home equity financing is when you borrow against your equity by using your home as loan collateral. Your property
is pledged to the lender as security in case you don't pay back you loan. Borrower against your home equity will
reduce your home equity. So, for example, if you borrow $10,000.00 against your $50,000.00 home equity, your
home equity is reduced to $40,0000.00 until you pay back the loan.
It is important that you consider your complete financial situation, including your other debt, to determine whether
home equity financing fits within your income and budget.
Before beginning the home equity process, you should determine your exact need for home equity financing.
Homeowners use home equity financing for a variety of different reasons, some of which may include:
Determine the Nature of the Expense
Once you determine why you need home equity financing, you will need to think about the nature of your expenses aswell as your borrowing preferences. This will help you to best meet your needs by deciding which type of home equity
financing makes the most sense. Think about which of the following categories your home financing need most likely
falls into:
1. Is your financing need a project or expense where
you will most likely need the entire amount up-front that
you can pay back in fixed monthly payments?
or
2. Do you have a current expense or foresee possible
future projects or expenses, which may be over the
long-term or entail incremental payments, for which
you would like to have flexible funds available?
Once you have categorized your basic needs, your next step is to start the loan process.
off those high interest credit cards, remodel a kitchen, or anything yo need extra cash for.
Home Equity is the net value of your home that you own outright. In other words, it is the fair market value of your
home minus what you owe on your mortgage. For example, if your hoe is worth $200,000.00, and the balance
remaining on your mortgage is $150,000.00, then your home equity is $50,000.00. You own $50,000.00 of your home
free and clear.
We have some more information about home equity loans further down, or you can start the loan process by clicking
the pre-qualification link below. If you want to know for sure where you stand, we have included the official Uniform
Residential Loan Application and Credit Release form which can be printed and faxed to me.
We are available to help you every step of the way. Just call us at (239) 354-0058, fax at (888) 607-4420 or e-mail us
at info@elitemortgageservices.com
Home Equity Pre-Qualification
Loan Application
Credit Release Form
If you receive an error message when trying to download either of the above forms, you might need to first download
the acrobat reader.
Home equity financing is when you borrow against your equity by using your home as loan collateral. Your property
is pledged to the lender as security in case you don't pay back you loan. Borrower against your home equity will
reduce your home equity. So, for example, if you borrow $10,000.00 against your $50,000.00 home equity, your
home equity is reduced to $40,0000.00 until you pay back the loan.
It is important that you consider your complete financial situation, including your other debt, to determine whether
home equity financing fits within your income and budget.
Before beginning the home equity process, you should determine your exact need for home equity financing.
Homeowners use home equity financing for a variety of different reasons, some of which may include:
 | Paying off debt, such as credit cards | |
| Making home improvements to increase a home's resale value. | |
| Putting additions on the house to make more room for a growing family or a parent or relative who is moving in. | |
| Upgrading kitchens with new cabinets and appliances. | |
| Financing an education |
Determine the Nature of the Expense
Once you determine why you need home equity financing, you will need to think about the nature of your expenses as
financing makes the most sense. Think about which of the following categories your home financing need most likely
falls into:
1. Is your financing need a project or expense where
you will most likely need the entire amount up-front that
you can pay back in fixed monthly payments?
or
2. Do you have a current expense or foresee possible
future projects or expenses, which may be over the
long-term or entail incremental payments, for which
you would like to have flexible funds available?
Once you have categorized your basic needs, your next step is to start the loan process.
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