What Is A
Home Equity Loan?
A home equity loan, also known as a second mortgage, is a type of loan in which the borrower receives a large loan by deriving equity from his or her property. The loan amount is determined based on the equity of your property, which is dependent on the appraised value of your home and the current balance on your mortgage. Here’s an example scenario: Value of your home – Amount owing on your mortgage = Home Equity
700k
Appraised Value
200k
Your Mortgage
500k
Available Equity
This means that your home has $500,000 in equity. A Home Equity Loan would allow you to borrow up to a certain percentage of your home equity. You may want to consider a home equity loan if you have large expenses you need to cover or are looking to pursue a new business venture. Leap Financial approves loans for anywhere between $10,000 to $2,500,000 with an easy, reliable, and stress-free repayment process. Start your zero-obligation application today and see the type of rates you can get approved for!
A Home Equity Loan Can Be Used for Anything and Everything, Including…
- Debt Consolidation
- Improving Credit Score
- Paying off Tuition
- Home Renovation Projects
- Starting a Business
- Paying Tax Debt
- Unexpected Expenses
- Financing Your Next Vehicle
- And much, much more!
Want A Stress-Free Loan Process? Start with Leap Financial.
We Are Here For You!
Stress Free and Transparent Lending Process
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Let us know how much you want to borrow – whether it is $10,000 or $2,500,000 – we can help!
Fast Approval Process
We want to work with you! You will hear back from our team ASAP to begin working with you to ensure you get approved!
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Upon completion of our seamless lending process, your desired funds will be transferred into your account. That’s what we do!