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Home Equity Loan

A Home Equity Loan is designed for borrowers to utilize existing property equity for whatever purpose they choose. Home equity loans can also be used as Second Mortgages for the purchase of a property.

The difference between a Home Equity Line of Credit and Home Equity Loan is very simple. An equity loan is a lump sum one time funding with principal and interest installment payments over a set period. An Equity Line is a line of credit is similar to a credit card secured by your home in St. Louis, MO or other communities we serve.

A home equity loan is also one type of Second Mortgage.

Standard qualifying includes:

A Minimum FICO Score of 640

Maximum Debt Ratio 45%

A Maximum CLTV of 125%

DU/LP Approval

Full Documentation, Light Doc and No Income Verification Loan Products Are Available

We also offer Bad Credit 2nd Mortgage programs for the credit challenged home owner. No matter what home equity loan program you need, give us a call today or complete our Quick Apply application! We have hundreds of mortgage programs and look forward to the opportunity to provide you with the perfect home equity loan for your situation in Memphis, TN and beyond.


Home Equity Line of Credit (HELOC)

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A Home Equity line of credit allows borrowers to utilize much of the existing equity in their home for whatever purpose they like. Whether it's wanting to have funds available in case of emergency, building a new pool, Debt Consolidation, or just taking a nice long vacation to Raleigh, NC, you can put your home equity to work today!

The unfortunate fact is, when we need liquidity the most, is when we have the least chance of getting it. It's a cliché in the lending business that that worst time to apply for a loan is when you really need one. Don't WAIT for a life event to attempt to access the equity in your home, apply now and have those funds ready to use in the event you need them! It's a solution Lifestyle-Mortgage.com lending pros have put to work for homeowners in Columbus, MS and in the other cities where we originate loans.

Standard qualifying includes:

A Minimum FICO Score of 640

Maximum Debt Ratio 45%

A Maximum CLTV of 125%

DU/LP Approval

Full Documentation, Light Doc and Stated Income Loan Products Are Available.

With outstanding Home Equity line of credit options, Lifestyle-Mortgage.com is the place to call today or just use our fast and easy Quick Apply application for fast results!

Home Equity Documentation

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  • Copy of Social Security Card
  • Copy of Drivers License
  • 90 Days Banks Statements, all Accounts, all Pages
  • 30 Days Pay Stubs
  • 2003 & 2004 W-2'S
  • Last Quarterly Statement for Investment Accounts/401K
  • Signed Letter of Credit Explanation (IF DEROGATORY)
  • Copy of Bankruptcy Papers, all Pages and Discharge
  • Personal Tax Returns, All Schedules (Self Employed Only)
  • Business Tax Returns (Self Employed Only)
  • Copy of Business License (Self Employed Only)
  • Year to Date P & L statement - Signed (Self Employed Only)
  • 12 Months Consecutive Canceled Checks & Current
  • Notarized Payoff if Privately Held Mortgage
  • Copy of Note for Current Mortgage
  • Copy of Deed for Property
  • Child Support Order (for those using child support to qualify)
  • Benefit Award Letter (For those using a Retirement or Disability income to qualify)

 


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