Home Equity Mortgages
A Home Equity Mortgage is a mortgage based on the equity of your home and not the people purchasing or refinancing the home. This is a great mortgage for someone who may have no credit, slow credit or bad credit. If you are purchasing a home, a minimum of 15% of your home's appraised value will be required for a down payment. If you are refinancing your mortgage, a minimum of 15% equity will remain in your home.
If you are having trouble saving a down payment then this might just be the mortgage for you. Homeownership may be closer than you think!
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