Q: What is equity exactly?
A: Equity is the dollar amount of difference between what your property appraises at and
the balance of your current first mortgage. We can loan you up to 100% of that dollar
amount with this great new program. No paperwork, no proof of income or assets, no
verifications...NO HASSLES!
Q: My credit has been a little shaky in the past... can I still qualify?
A: We look at your credit score and your current revolving and installment debt. If you
have been OK for 12 months or more, then you probably will be alright. We loan to folks
with scores as low as 550 FICO. REMEMBER: There is never an application fee or
any obligation whatsoever... so fill out the On-line
application, we will get back to you in 24 hours from the time that we process your
loan request form.
Q: What is a line of credit vs. a standard second mortgage?
A: An Equity line gives you the flexibility of writing a check against the equity in your
home whenever you want money. You control the balance, the payment and the term. With a
standard second mortgage you get none of this flexibility.
Q: What is the minimum and maximum loan amount?
A: $10,000 is the minimum line of credit that we offer and $100,000 is the maximum line.
However, you can borrow as much or as little against your limit as you wish...whenever you
want for ten whole years.
Q: Is there a prepayment penalty with this loan?
A: NO. You can borrow money from your equity line and pay it back as fast as you want.
That doesn't cancel your ability to borrow against your equity in the future, though. It
just means that you would have no balance ... therefore no payment. Keep in mind that you
only pay interest on any balance that you have on any given month.
Q: I don't show a lot of income on my tax returns, Is that a
problem?
A: No it is not a problem! We don't ask our clients to produce tax returns, pay
stubs,W2's, 1099's, P & L's, or any income verification for that matter. We don't ask
for asset verification either. This is why fixed income, retired and self-employed folks
love this loan product.
Q: Will you be verifying my employment, bank balances, etc.
A: NO. We never get any kind of verifications with this loan program. We make our decision
based solely on the information that you give us, and your current credit standing.
Nothing more!
Q: What interest rate does this kind of loan offer?
A: Our "No Hassle Loan" Program is based
solely on credit and that's it! No paperwork. No proof of income or assets. No Employment
verifications etc!. Our loan is recorded as a equity line of credit/second mortgage on
your home. All equity lines of credit are priced with a "prime plus" rate
schedule. The Prime Rate is the index... with the "plus" part being 1, 2, or 3,
etc. above prime depending on your credit rating and current standing. This, as well as
the equity position that you currently need. For instance a client that needs 100% of
their home's value would have a slightly higher rate than the client who only wants to
borrow 80% of his home's value. As you can see, there are several factors that can/will
affect your rate. The only way for us to specifically quote you a rate is to review your application and current credit standings/FICO score with CBI
Equifax.
REMEMBER: There is never an application fee or any obligation
whatsoever...
Q: What states do you lend in?
A: Because of the unique nature of this "Stated Income" loan product, we do not
offer it in every state. We currently offer our "No Hassle Loan" in 30 states at
this time. For a complete list of the states that we do service please
click here.
Q: How long does it take to get my loan once I've applied?
A: Once your approved (within 24 hours!), we will send you a loan package for your review.
Then after some processing on our part... you can have your money in about
15 days. All
with no paperwork or verifications from you!
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