We also can provide what is known as “home title loans” or “equity loans” which basically means that we can lend you instant cash if you hold the title to your home. Owning the title to your home means that you own the property fully and do not have any loans or mortgages on it. As the full owner, you have the right to use your home as collateral to get the cash you need.
Sometimes these types of loans are also called “equity loans” because they are loans based on the equity, or equitable interest, of the real estate property.
For more information on equity loans visit: http://www.ehow.com/info_8582588_home-title-loan.html
Difference between a Mortgage and an Equity Loan
Mortgages are loans given to people so they can buy homes. It is a loan given by a bank, whereas home title loans are given to people so they can use the cash for something else.
Rates and Terms
On home equity loans (against your real estate property) : 6% monthly interest rate
Every 30 days your loan interest payment will be due. You have a 15 day grace period from the due date, but a late fee of 1.5% will be administered. However, if you pay on time, there is no late fee and you just pay your monthly interest payment. The full loan amount can be paid off anytime. There is no minimum or maximum amount of months that you must pay off the entire loan amount.
Any delays in the interest payment more than 15 days from the due date will result in you forfeiting your property.
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