What is a home equity loan?

Knowing the most convenient credit facilities, depending on your particularities, is now possible. If you need an urgent loan and despite having a guarantee to apply for it, you do not decide between the different types of loans with a guarantee, go to Good Credit.

They are the specialists in home equity loans. Good Credit offers you all the information and advice you need to obtain the home guarantee loan that best suits your needs, according to your particular profile.

What is Good Credit and what are its advantages?

What is Good Credit and what are its advantages?

Good Credit is a financial portal that specializes in home equity loans. It allows obtaining financing by presenting an economic guarantee, a property, as a guarantee that the loan received will be returned.

What is a home equity loan?

Home equity loans are loans that allow you to obtain capital borrowed from those who own a property free of economic charges and use it as collateral for a loan. That is, a borrowed amount can be obtained as long as there is the possibility of providing the guarantee of payment of a home, land or commercial premises .

The applicant must return the capital borrowed by the entity through monthly payments in which the part corresponding to the amount and the interest applied will be included.

These are the advantages of applying for a home equity loan with Good Credit :

✔ It is possible to get the best conditions in the market . This platform compares the different financial offers, recommending the one that best suits your needs.

✔ It is an alternative when there are difficulties in obtaining financing, or it belongs to a list of delinquents. The platform, through a personalized service, presents the offers available, analyzing those that offer the greatest benefit to its customers.

✔ It is processed easily through an online application.

✔ Home equity loans allow you to request higher amounts than conventional loans ; from $ 8,000 to a maximum amount of $ 500,000.

✔ The fees can be flexible and adapt to the needs of the applicant, with the possibility of increasing the return period if necessary

✔ When applying for a home equity loan, it is not necessary to justify the purpose of the application . In this sense, your permanence in a list of delinquents is also not relevant since it does not influence the decision to grant the loan or not.

✔ The capital borrowed can be used to cancel the debt you have and be able to leave Financial Credit Institutions. Paying off the debt incurred is always recommended if you intend to remain active in the credit environment, that is, request any type of financing. In addition to home equity loans, there are other loans to get out of Financial Credit Institutions that may help you.

Disadvantages of a home equity loan

Disadvantages of a home equity loan

It is important to keep in mind that when a financial institution agrees to grant loans with a home guarantee, the risk that the borrowed capital will not be returned is high. Therefore, the interests that apply to these transactions are high, which may be the biggest disadvantage of these types of credits.

Loan conditions with Good Credit housing guarantee

Now that you know what are the advantages of applying for a home equity loan through Good Credit, you should know what are the conditions offered by this type of loan Minimum amount: $ 8,000

  • Maximum amount: $ 500,000
  • Minimum term: 1 year
  • Maximum term: 7 years
  • Minimum APR: 3%
  • Maximum APR: 8%

Requirements to qualify for the best mortgage loans

Requirements to qualify for the best mortgage loans

Since the base and the reason for requesting loans with a home guarantee is the property in guarantee of payment, this must be free of any type of economic burden. Both homes, as land, commercial premises can be delivered as collateral or guarantee of a home equity loan.

The requirements to apply for the home equity loan with Good Credit are:

  • Being able to prove that you are the owner of the property that will be used as collateral for the home equity loan.

  • Being over 18 years

  • The property must be free of economic charges or have at least 80% of the mortgage paid.

  • Demonstrate ability to pay, that is, have monthly income.

In short, a home equity loan with Good Credit is an opportunity to get financing for those who own property and are in Financial Credit Institutions or have difficulty accessing a conventional personal loan.

However, it is necessary to remember that you have to be aware that with a loan with a housing guarantee you run the risk of losing it in case of non-payment of the installments. Therefore, it is important to be sure that there is sufficient economic capacity to be able to face monthly payments responsibly.

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