If you’ve worked with MaxCash before, chances are you know that we do plenty of work trying to find easy, affordable loans for our customers.
But does Max Cash offer home equity loans? Or are those types of loans outside of MaxCash’s area of expertise? Stick with us through this article to find out!
What is a Home Equity Loan?
Before we get into the specifics of MaxCash’s offerings, we should first cover exactly what a home equity loan is.
A home equity loan is a unique type of loan that has some atypical qualities and qualifications to it. Unlike other types of loans, home equity loan amounts are not entirely based on your financial stats like your credit score. These loan amounts are instead based on the value of your home.
To determine how much money you could obtain with a home equity loan, your lenders will take your home’s value and subtract the amount you still owe. Because of the way they work, home equity loans often go by a different nickname, “second mortgages.”
The way you obtain a home equity loan though, is very different from how a mortgage works.
The Home Equity Appraisal
Let’s dig into how exactly the home equity loan process unfolds, shall we? Before MaxCash even gets involved with the process, there are some prerequisite steps you need to take. The first of these steps will require you to contact an appraiser to come give you an estimate of your home’s value.
To get a home appraisal, you’ll first need to find an appraiser in your area willing to work with you and then make an appointment so they may visit your home. Once there, the appraiser will tour your property, taking notes of the improvements you’ve made, as well as any potential damages that may have occurred.
Once they’ve finished touring your house, the appraiser will present you with an estimate of your property’s overall value, which you’ll be putting to use rather quickly.
Applying Online for a Home Equity Loan
Now that your home has been appraised, it’s time to set some things straight. MaxCash cannot offer you a home equity loan directly. Instead, MaxCash runs a home equity loan referral service that helps partner clients up with compatible lenders.
To get started with MaxCash, you’ll need to locate MaxCash’s contact page. To give you a hand, we’ve already gone ahead and linked it for you right here.
Once you contact MaxCash, we will request some information from you, such as:
- Your Current Address of Residence – This information will help MaxCash during the process because lenders will want to know what home they’re providing a home equity loan for.
- An Estimate of Your Current Monthly Income – This gives lenders a good idea of just how much you can afford monthly.
- Your Contact Information – This will allow both MaxCash and any potential discovered lenders to get in touch with you if need be.
- Your Home Value Estimate – Finally, the information you gathered from the appraisal step will be submitted. This estimate will help lenders determine a personalized loan amount for you.
With all this information filled out, go ahead and hit the submit button, and get ready to watch the magic happen. It’s Max Cash’s turn to shine.
Home Equity Lender Discovery
At this point in the process, MaxCash will be doing all the work for you. MaxCash will use your provided information to track down your ideal lender.
First, they’ll start by narrowing down a massive, nation-spanning list of partnered lenders down to just the ones that serve your area. With these lenders, they’ll present your provided relevant information and interested lenders will make a loan offer.
Not only does MaxCash work hard to find you a lender, they also find you the best possible lending option by comparing offers and haggling for better terms.
Eventually, with enough bartering, one loan offer will shine amongst all others. MaxCash will then present you with the loan offer, and you can choose to accept.
Making a Deal on Your Home Equity Loan
With the lender found, MaxCash will put you in contact with them. You can either choose to interact with your lender via phone or work a bit more impersonally via email if that’s more your speed.
Once contact has been made, all that remains is to discuss the final particulars of the loan, such as how you and your lender are going to be exchanging funds with each other. This is important, as this will establish not only the method by which you receive the funds initially, but also the method by which you repay them.
Depending on your situation, you may prefer an in-person exchange, doing business through mail, or simply using an e-commerce website for your transactions. Whatever the case may be, once you’ve established a method of exchange, you’ll be finished with the loan-obtaining process and ready to put your money to work.
And there you have it: how to get a home equity loan through MaxCash in just four simple steps. It really is that easy! Get started with the home equity loan process today. You may be surprised by just how simple the process can be with MaxCash!