2023-08-26 01:06:41
read transcript
Many are taking advantage of the equity in their properties to pay for renovations and debts. Rayne Anciani explains how it works. Rayne: Good afternoon. Applications for home equity credit have skyrocketed 50% over the last year compared to How does this all work? difference between the value of your house and what you owe on the mortgage. if your house has a current value of about $500,000, and you have already paid about $100,000, between 80 and 90% of what that magazine gives, what you can get with loans and qualify. >> a line of credit to use that money as your piggy bank and put that money to use in many areas of your financial life. rayne: according to figures, the most common reasons why people are requesting this renovation in their properties. to consolidate their debts or because they need cash from>> we don’t have to touch your mortgage, which you have already paid five or 10 years, and we can acquire this second loan, which you can get by bus or through the need that the person has. a person who owns property must follow to obtain that line of credit credit? >> two or 3 weeks maximum, your credit report, your finances, to determine if the person has the ability to pay that credit. rayne: in the worst case scenario, can you pay it with what happens? >> it can lead to the person being able to entail surayne: you can withdraw the full amount available and you don’t have to
#apply #home #equity #loan #owe #mortgage #Videos #Univision #Miami #WLTV