Unlock Your Home’s Potential with Our Home Equity Loans!
Unlock Your Home’s Potential with Prime Choice Funding’s Home Equity Loans! Are you in search of the perfect solution to meet your financial needs? Our range of flexible Home Equity Loan options allows you to access your home’s equity without compromising your low first mortgage rate. Whether you’re planning a home renovation, consolidating debts, funding education, or pursuing any financial goal, our competitive loan-to-value options have you covered. Don’t miss out on this opportunity to leverage your home’s equity and secure the funds you need. Begin your journey today, and let your home work for you!
We offer Nontraditional Flexible Loan Options tailored to Real Estate Investors, Self-Employed individuals, and Business Owners.
HOW IT WORKS
Contact or Get Started Online
Our team of licensed loan officers is prepared to assist you with any inquiries you may have. Applying over the phone can be completed in as little as 10 minutes.
Secure Your Approval
Once you submit your loan application, our team will thoroughly review it, conduct a property appraisal, and complete the underwriting process to ensure your approval.
Secure Your Funds
Once all requirements have been met and we receive clearance to proceed, we will prepare the necessary loan documents. You will then sign the loan documents, and upon completion, your loan will be funded.
Why Prime Choice?
At Prime Choice Funding, our focus is on meeting the unique requirements and preferences of our customers when it comes to finding the perfect loan option. With a team of highly experienced Loan Officers and dedicated Operations professionals, we are committed to assisting homeowners in realizing their financing goals. Our mission is to deliver exceptional service and empower homeowners to achieve their financial aspirations.
Your Home Equity Journey Starts Here – Our Team is Ready to Assist!
What Our Clients Are Saying
Communication and transparency are cornerstones of how we get home loans done for you, our client. People turn to Prime Choice for a quick, hassle-free mortgage experience.
Thank you so much for helping me and my fiancé refinance my home to get a better rate and working with my loan. Thanks to Frank Ortiz for all your help and guidance. And special thanks to David Arnold for your patience and professionalism.
Scott and Angelina were helpful and kept us informed throughout the entire process. Thank you!
Markus and Adrianna were fantastic to work with. The process was smooth, hassle free and transparent. I absolutely recommend.
They provided excellent service and were efficient and timely. We closed on time with no issues.
Frequently Asked Questions
A Home Equity Loan is a type of loan that allows homeowners to borrow against the equity they have built up in their property over time. It provides a lump sum of money that is repaid over a fixed term, typically at a fixed interest rate.
Homeowners with a low first mortgage rate can utilize a home equity loan to access extra funds while preserving their favorable initial interest rate. The home equity loan works as a separate second mortgage, allowing them to tap into their home’s equity without affecting the terms of their existing low-interest first mortgage.
Home Equity is calculated by subtracting the outstanding mortgage balance from the current market value of the property. For example, if your home is valued at $300,000, and you have an outstanding mortgage of $150,000, your home equity would be $150,000 ($300,000 – $150,000).
Homeowners can use a Home Equity Loan for various purposes, such as home improvements, debt consolidation, funding education expenses, covering medical bills, or even starting a business. It provides flexibility in using the funds based on your financial needs.
The amount you can borrow with a Home Equity Loan depends on the lender’s policies and your home’s equity. Typically, lenders allow borrowers to access up to 80-90% of their home’s appraised value, minus any outstanding mortgage balances.
While both allow you to borrow against your home’s equity, a Home Equity Loan provides a lump sum upfront, and you repay it over time with fixed monthly payments. On the other hand, a HELOC works more like a credit card, allowing you to draw funds as needed up to a set credit limit during a specified draw period, and you only pay interest on the amount you’ve withdrawn.
Home Equity Loans often come with lower interest rates compared to other forms of credit, making them a cost-effective option for borrowing larger amounts. Additionally, the interest paid on Home Equity Loans is often tax-deductible, providing potential tax benefits for some borrowers.
This is not a commitment to make a loan. All approvals are subject to creditworthiness, underwriting guidelines, satisfactory title and appraisal on your home. Minimum and maximum loan amounts do apply. The final decision is subject to the lender’s approval and may be based on additional information or documentation that is required during the underwriting process. Not all applicants will qualify. Prime Choice Funding, Inc. is not affiliated with or acting on behalf of or at the direction of FHA, VA or the Federal Government.