Home Equity Loans Explained

Home Equity Lines of Credit

Homeowners often require additional financing options beyond their primary mortgage. Equity lines of credit and second mortgages are two common options that allow homeowners to leverage the equity in their homes. At MetroCity Capital Group, we offer both types of loans for homeowners who have built equity in their homes and need additional access to cash.

An equity line of credit is a revolving credit line that is secured by the equity in your home. You can borrow up to a set limit, pay back the funds, and then use the line of credit again if you need to in the future. Interest rates tend to be lower than those of credit cards.

Second mortgages, on the other hand, are instantly given for the difference between the total value of your home less your existing mortgage amount. You make regular payments on the second mortgage until it's paid off.

At MetroCity Capital Group, We offer equity lines of credit and second mortgages with competitive rates and flexible terms. Minimum credit score requirements differ depending on the lender, so it is best to contact one of our loan officers to know the specific lender qualifications.

Required documentation typically includes proof of income, tax returns, credit reports, and information on outstanding debts. These give us an understanding of your ability to pay back the loan, credit history, debt burden, and home equity.

Our loan officers will carefully review these documents to determine the amount of equity in your home, and assist you in selecting the best financing option that best suits your needs. Once your application is accepted, we expedite the process to ensure a timely funding of the loan.

If you own your home, have built up equity over time, and require access to additional capital, a second mortgage, or an equity line of credit may be the ideal solution for you. Contact us at MetroCity Capital group today, and our expert team will guide you in choosing the best option to help bring you one step closer to achieving your financial goals.