Home Equity Loan
Access your home's equity for life's big moments with Mac Business Capital.
What Is Home Equity?
Your home equity is the difference between your home’s value and your mortgage balance, growing as you pay down your loan and your home appreciates. For example, a $200,000 home with a $180,000 mortgage could yield $63,000 in equity after five years. Mac Business Capital can help you explore how to leverage this equity, considering factors like LTV and DTI to determine your loan options. Contact us today.
How Can You Use Home Equity?
Build equity in your home—the difference between its value and your remaining mortgage. Access this equity with a Fixed-Rate Equity Loan, providing a lump sum with a fixed interest rate, or a HELOC, a revolving line of credit with a variable rate. Both offer ways to leverage your home’s value for diverse financial goals, from renovations to debt consolidation. Contact Mac Business Capital to discuss which option best fits your needs
Common Uses of Home Equity Loans
Leverage your hard-earned home equity with Mac Business Capital to finance life’s important moments. Whether you’re consolidating debt, tackling home improvements, funding college tuition, planning a wedding, covering medical expenses, or navigating unexpected emergencies, a Fixed-Rate Equity Loan or HELOC can provide the necessary funds. These options allow you to tap into the difference between your home’s value and your mortgage balance, offering a potentially lower interest rate than other loan types. Contact Mac Business Capital today to explore how you can use your home equity to achieve your financial goals.
How to Apply for a Home Equity Loan or Line of Credit (HELOC)
Processing times are currently estimated to take 30 to 40 calendar days to close on a new home equity loan or home equity line of credit (HELOC) once we receive your application. Processing times may vary if an appraisal or additional documentation is needed.
Compare the different types of home equity loans, including HELOCs, and select the one that’s right for you. This is also a good time to review the offers and benefits associated with our loans.
Here’s what you’ll need to apply for a home equity loan or HELOC:
- Estimated value of the property
- Gross (before taxes and other deductions) monthly income
- Current tax, homeowners association or condominium dues, insurance and lien information (balance, monthly payment and mortgage company/lien holder name) for all real estate owned
- Original purchase price and purchase date of property
- Date home was built
- Information on any liens you wish to pay off (company/lien holder name, balance, monthly payment)
Apply for a home equity loan or HELOC online or by giving us a call at 702-660-7780. A Processor will be assigned to review your application and will contact you to discuss the details within 3 business days.
After you submit your home equity loan or HELOC application, your processor will send you instructions on how to sign and return important loan documents.
Once your initial documents are signed and received, we’ll begin the home equity loan or HELOC approval process. This involves 4 steps:
Initial Credit Approval
We’ll review your credit history and income. You may be asked to send additional documents to help us verify the information provided on your application. Your Processor will notify you once a credit decision has been reached.
Home Valuation
There are several property valuation methods available, and your Processor will explain the benefits associated with each. Once the value of your home has been determined, your Processor will send you a copy of the home valuation report. Your Processor will use your home’s value to calculate the loan-to-value ratio (LTV) and combined loan-to-value ratio (CLTV), which may impact your interest rate.
Title Approval
Your Processor will order a title report to document the ownership of your property.
Final Approval
Your Processor will perform final verifications, communicate when your application is approved and schedule your loan closing.
You’ll have 3 convenient closing options:
- Traditional in-person closing with paper documents that you sign in ink
- RON eClosing, where you electronically sign all your documents, may be an option depending on your state regulations
- Hybrid eClosing, where you electronically sign most of your documents on your closing date, then meet with your Notary to complete the process
Some states require closings with an attorney. Your home equity loan or HELOC will be funded shortly.
