If you need financing to make repairs or upgrades to your home or to use on other expenses, one flexible option worth considering is a home equity loan.
A home equity loan is classified as a second mortgage. When you take out a home equity loan, you are borrowing against your home equity, which acts as collateral.
When you opt for this type of home equity loan, you receive the full amount that you are borrowing all at once. The loan is due back over the term you agree on. Every month, you make a payment in a fixed amount.
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This option works much like any other line of credit. Based on your qualifications, you will be approved up to a certain limit. You get to choose how much to borrow, and you only pay interest on that.
Each type of home equity loan has advantages and disadvantages. You can learn more about these during your consultation so that you can choose the type of home equity loan which is right for you.
You have control over how you use the funds you receive. Many borrowers use home equity loans to finance upgrades or repairs to their homes. You can use a home equity loan for anything you want, however, even if it has nothing to do with your home.
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Note that the closing costs of a home equity loan to me to be accounted for. You will need to figure out whether you can afford them, and whether the benefits of the loan outweigh its costs.
Your credit score should be around 620 at a minimum. The higher your score is, the more affordable your loan will be.
Your debt-to-income ratio is expected to be 43% at the maximum in most cases, though there may be some flexibility. The lower your debt-to-income ratio is, the more bargaining power you will have.
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How much equity you own your home is another major factor for approval. At a minimum, you should own 15-20% equity. The more equity you have, the more money you can be approved to borrow.
James and Laura came through with flying colors. They fought hard and made the almost impossible happen to get the house closed on the correct date. Cleared to close in only 8 days! Due to some seller fixes, the closing date did not seem like it would happen, but James and Laura made sure it did. Highly recommend!
James and his team are great! They all worked tirelessly for us every step of the process from pre-approval to closing. I would highly recommend working with them!
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James and his team made sure to accomodate us at every turn throughout the process of securing a mortgage for our first home. They truly seemed to have an interest in us and treat us like people and not a commision. They answered all of our silly questions and James specifically made it a point to walk through every step and number along the way to help us keep our sanity. I would recommend James and his team at Liberty Capital Services to anyone looking to finance a home.
Bryce what a great guy...Answered phone calls day and night I don't care what time it was he was there for us. Made everything easy and made sure we understood everything 💯
Jason is easy to work with , generally funny, and works to make the lending process as easy as possible. He promised to make the process, “as easy as renting an apartment, ” and he did!
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James and his team worked with us on our first home purchase. They were super responsive and helpful every step of the way. I can’t recommend them enough!
I had the pleasure of working with Jason Krasnow and I couldn’t have asked for a better person to represent me. Jason walked me throughout the whole process of purchasing my first home from a professional and emotional perspective. Purchasing a home can be an emotional roller coaster but Jason was there to answer any questions I had no matter the time of day. Every time we spoke I always felt I had his full attention to any concerns I may have had. He went above and beyond to make sure everything went as smooth as possible until closing. I highly recommend using his services. Jason is a rockstar!
James and Team at Liberty Capital were so thorough, timely and got everything done within the time frame promised. We closed on our house in 21 days and we couldn’t be happier! My sister and I are so excited to make our home into our dream!
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Working with James is a blessing. He has a wonderful and amazing team that eases the whole loan process.They are fast and excellent in communication. I will recommend Liberty Capital Services to anyone who wants to buy a property.Good job guys
James McBain and his team are hands down the best lenders in the business. FromStart to finish updates weekly and exceptionalCustomer service. I know because I have been a realtor for 24 years. My buyers were extremely grateful to have James and his team provide a stress free and smooth transaction.Thank you James and your team for an tremendous experience.Anna
Made first time home buying easy, and frequent & quick communication ensured we were able to do everything immediately :3 Ken and Bryce did a great job with everything and are very friendly too!
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I was referred to Liberty Capital by my realtor and I’m so happy I found them. James and Laura made the process so easy and simple and kept me updated the entire time.
Jason was so helpful and compassionate! We had an excellent home buying experience. We were prepared for every step with his guidance and massive knowledge of the process. He helped us get through it, and We would highly recommend working with him!
James was AMAZING throughout my entire process of buying my first home! When putting in multiple offers he was always there and ready to help to ensure I was able to put in offers same day. His experience allowed him to find the best product for me and explain everything throughout the process! I was cleared to close early which directly reflects the attention to detail on his end. Very happy with James and Liberty Capital.
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At the end of the day james, Laura, and the Liberty capital staff feel like family they were patient kind and got the house closed for me, 2x ,thank you guys from the bottom of my heart.
My wife and I recently purchased our first home with the help of Mr. Ken Wichman and his right hand man, Bryce Kuhl. I can’t say enough good things about this dynamic duo. They were on top of all of their tasks, and were extremely responsive with any questions we had (we had a lot).Not only are they the best at their respective jobs, but they were very courteous and grateful for myself, and all veterans who have served in our armed forces.They hands down get 5 stars from us!Thank you very much Ken and Bryce, and I look forward to seeing you guys again!Go Bucks!
I wish there was 1 million stars I could give Liberty Capital. James & Laura are phenomenal. If you want to get a deal done & know you’re in great hands. Take your business to Liberty Capital. James & Laura will work effortlessly for you.
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Estamos súper agradecidos con Liberty Capital Service LLC y especialmente con Ken Wichman por haber sido el canal de Bendición para hacer nuestro sueño realidad de obtener nuestro préstamo para la Casa 🏠 gracias eternamente agradecida son los mejores 🤗
Moving over 1, 500 miles from North Texas back to Central Ohio, it was critical for my Wife and I to find a reliable and trustworthy resource for the financing of our home. James worked tirelessly with us, sometimes late on Saturdays and Sundays to ensure we had a competitive offer and approval letter in place. He also made sure on the back end that we felt comfortable with the rate, the financial institution we jointly chose and how this investment would affect our family in the long run. I would recommend James and his team for all of your mortgage and refinancing needs, he's the best in the industry!
I just closed on my property with the help of Jason from Liberty Capital Services. Jason went above and beyond my expectations in assisting us throughout this whole process. He was always so responsive, thorough, and very nice in explaining and answering my plethora of questions. He had a lot of patience when I was going back and forth between another competitor and ultimately he was able to find me a better quote. Jason is an excellent asset to this team and I am very grateful that I got to work with him. We will definitely be doing more work with him in the future. Thank you so much, Jason!! Ken and I greatly appreciate you.
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Liberty Capital did an outstanding job getting our family second home in the Tampa FL area. The
