As a homeowner, you may have built up considerable equity in your property over the years. A Truliant Home Equity Loan can help you leverage this equity to finance various expenses, be it home improvements, debt consolidation, or even a child’s education.
What is a Truliant Home Equity Loan?
A Truliant Home Equity Loan is a type of secured loan that lets you borrow against the equity in your home. The equity is the difference between your home’s market value and the outstanding balance on your mortgage. For instance, if your home is worth $500,000, and you still owe $300,000 on your mortgage, your equity would be $200,000.
Truliant offers two types of home equity loans:
Loan Type |
Features |
|---|---|
Fixed-Rate Home Equity Loan |
|
Home Equity Line of Credit (HELOC) |
|
What are the benefits of a Truliant Home Equity Loan?
Here are some of the benefits of getting a home equity loan from Truliant:
- Competitive interest rates tailored to your credit score and loan amount
- No closing costs or application fees
- Tax-deductible interest (consult your tax advisor)
- Flexible repayment terms that suit your budget
- Fast and easy online application process
How do I qualify for a Truliant Home Equity Loan?
To qualify for a Truliant Home Equity Loan, you must:
- Be at least 18 years old
- Own a primary residence or a second home
- Have sufficient equity in your home
- Have a credit score of at least 620
- Have a debt-to-income ratio of 43% or less
How much can I borrow with a Truliant Home Equity Loan?
You can borrow up to 90% of your home’s equity, subject to loan limits based on your credit score, loan amount, and property location. The minimum loan amount is $10,000.
How long does it take to get approved for a Truliant Home Equity Loan?
Truliant’s home equity loans have a quick approval process, with most loans approved within 24 hours of application. However, the funding time may vary depending on your individual circumstances.
How do I apply for a Truliant Home Equity Loan?
To apply for a Truliant Home Equity Loan, you can:
- Apply online through Truliant’s website
- Call Truliant’s member contact center at 800-822-0382
- Visit a Truliant branch near you
What documents do I need to apply for a Truliant Home Equity Loan?
You will need to provide the following documents when applying for a Truliant Home Equity Loan:
- A completed loan application
- Proof of income, such as pay stubs or tax returns
- Proof of homeowners insurance
- A copy of your mortgage statement
- A property appraisal (if required)
What happens if I default on my Truliant Home Equity Loan?
If you default on your Truliant Home Equity Loan, your home may be at risk of foreclosure. Truliant encourages borrowers to contact them as soon as possible to discuss hardship options and avoid defaulting on the loan.
Can I pay off my Truliant Home Equity Loan early?
Yes, you can pay off your Truliant Home Equity Loan early at any time without prepayment penalties. This can help you save on interest charges and repay the loan faster.
Is a Truliant Home Equity Loan right for me?
If you have built up equity in your home and need to borrow money for a specific purpose, a Truliant Home Equity Loan can be a good option. However, you should consider your financial situation and goals before taking on any debt. Make sure you can afford the monthly payments and that the loan fits within your long-term financial plan.
Conclusion: Unlock Your Home’s Potential with Truliant
If you want to finance a big purchase or project, a Truliant Home Equity Loan can help you access the equity in your home at a competitive rate. With flexible terms and a fast approval process, Truliant makes it easy to get the financing you need. Contact Truliant today to learn more about their home equity loan options and see how they can help you achieve your financial goals.
Disclaimer:
The information provided in this article is for informational purposes only and does not constitute legal or financial advice. Truliant Credit Union is not responsible for any errors or omissions in the content of this article, and readers should always consult with a qualified professional before making any financial decisions.