What’s the Difference Between Home Equity Loans, HELOC, and SKYDAN Equity?
If you have equity in your home, there are many ways to unlock the wealth you have stored there. You can try to apply for a home equity loan or Homeowner Line Of Credit (HELOC), but most banks have a process that can make it very difficult for individuals with a poor credit score to get approved. SKYDAN Equity Partners, however, does not care if you have a bad credit score, high debt, a job loss, or tax lien, and they can help you unlock your home equity with their unique program.
Home Equity Loan
A home equity loan is often referred to as a “second mortgage” because many homeowners resort to this lending method after already taking one mortgage against their home. After the market value of your home is determined through a lengthy appraisal process, you will gain access to your home equity loan, which is a lump sum of money that you must pay back over the next 10 to 30 years, depending on the conditions of your loan.
Home Equity Line of Credit (HELOC)
A HELOC is much different than a home equity loan because you don’t get a lump sum of money, you get something similar to a revolving line of credit. In other words, you can only take as much as you need with a HELOC. After getting approved for a HELOC, you can start using a credit card and checkbook whenever you want to draw from your line of credit. During the initial period, the draw period, you are able to use your HELOC freely. But during the repayment period, you must pay back all of the money that you borrowed.
SKYDAN Equity Partners Sale/Leaseback Program
SKYDAN Equity Partners is not a bank, not a mortgage company, and certainly not a lender. They are a real estate investment company who partners with the local members of the community to provide unique alternatives to home refinancing. Their home equity leaseback program allows you to sell your home and continue living in it on a lease agreement with SKYDAN Equity Partners for up to two years with no monthly payment. Once the term has expired, you can either buy your home back for the original purchase price or sell your property and gain any value that exceeds the original purchase price.
If you’ve been turned down by banks because of high debt, bad credit, loss of a job, or a tax lien, SKYDAN Equity Partners is here to help you unlock your home’s equity. When Banks Say No… We Say Yes. Contact SKYDAN Equity Partners today to learn how to get started.