This is a YouTube video titled "🚨NEW Loan Product!🚨 We are now offering FIVE DAY HELOCS! ⤵️ #homeloans #homebuyer #interestrates" featuring Derek McGowan explaining a new five-day home equity line of credit (HELOC) product. The content, created in March 2023, details the streamlined underwriting process, credit score requirements, and loan-to-value limits for this mortgage product.
The latest program at McGowan Mortgages is a five day HELOC. Now what's so special about this? Well, typically if somebody is trying to do a HELOC or a home equity line of credit and pull some of the equity out of their house, they don't always know that that's a full on underwriting process. Just like when you bought the house. You have to get an appraisal, get all your income docs in, go through the full steps of underwriting. So we do that a little bit different is we don't need an appraisal, we pull report for that. We don't have to go through a title company, we pull a report for that. We verify your income with the IRS on the spot. So pretty much you fill out a link, we fill out a link and we' within the same day, you know, if you're approved. So instead of looking at it more of like a mortgage, it's just like getting approved for a credit card. So we really try to expedite it and you can have the funds in your account by the end of the week. This does go down to 620 credit scores on primary residences. It does go up to 85% combined loan to value. So your current mortgage plus the HELOC, 85% of the value. This also does have some options on second homes and investments.
