Home Equity Visa at 5.9%
April 9, 2019 | Posted by: Alex Vinarski
HOME EQUITY VISA. It works as regular visa card, but secured by your home.This is much better product than second mortgage, as you only pay interest on money that you actually use, and it's fully open. Rate is 5.9% (if credit score is very bad, could be a little higher), no annual fee, min payment 1% of the balance. Up to 75% of the home value. No income verification (no tax return required), just show that business exist and operate. Plus you will have 1% cash back on purchases, as with regular credit card. Limit $250000
Another option is Private Home Equity Line of Credit up to $1m. Only need property appraisal and application. No income verification at all. Rates from 7.5% in first position and from 9.5% in second position.