![]() The specific percentage you’re required to have will depend on how high your credit score is. You need to have 15% to 25% equity built up in your home to qualify for a Rocket Mortgage home equity loan. Rocket Mortgage doesn’t disclose the fees it charges to take out a home equity loan. In addition to a home equity loan, Rocket Mortgage also offers mortgages and refinancing. Even if you have 30% of equity in your home, for example, if your credit score is less than 700, Rocket Mortgage won’t allow you to borrow against all 30%, lowering the loan amount available to you. Homeowners who may not need the entire sum right away will end up paying costly interest on a chunk of money they don’t actually need, adding to the total cost of the loan.Ĭredit score determines loan amount: If you don’t have excellent credit, you can’t borrow against all of the equity you’ve built up in your home, no matter how much you’ve paid up. ![]() No home equity line of credit, or HELOC, option: Rocket Mortgage only offers a fixed-rate home equity loan that provides your funds as an upfront lump sum. If your project is something small, such as renovating a guest bathroom, it may not make sense to take out such a large loan. ![]() High minimum loan amount: A minimum loan of $45,000 is high, although that depends on what you’re using the funds for. ![]()
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