Below, you will find answers to the most common questions relating to Housetable loans. For additional questions, make sure to reach out to our team.
Frequently Asked Questions
If my credit score or income level is not good enough for large banks, do I have a better chance of being approved with Housetable?
No. Whereas Housetable is innovating the underwriting process by changing the way in which lenders calculate the value of borrower's collateral or its collateral risk, we maintain the same underwriting standards as traditional lenders when it comes to credit and income requirements.
Therefore, we are perfect for the millions of homeowners across the US that have good credit and good income, but cannot get approved for a home equity loan just because they do not have enough equity built up in their homes.
Are home equity loans like a second mortgage?
Similar to your primary mortgage, all second mortgage lenders will place a lien on your property, which is why home equity loans are sometimes referred to as 'second mortgages'. This is how we are able to provide you with such unbeatable rates.
Loans that are not directly secured by an asset, such as your home, are referred to as 'unsecured loans'. This category of loans includes personal loans and credit cards, which come with significantly larger interest rates and therefore limit the amount which you can borrow, as a result.
This is why millions of homeowners choose to go with home equity loans to pay for their home improvement projects.
Do I need to refinance (replace) my mortgage?
Absolutely not! With Housetable, you never have to risk losing your low rates or pay the hefty fees that come with refinancing. You will always be able to take a Housetable Home Equity loan together with your existing mortgage.
Can I take out a Housetable Home Equity loan if I have just bought my house?
Yes, absolutely. As long we (our AI) believes that the renovations you want to do will improve your home's value, you can take out a home equity loan and benefit from its low monthly payments.
How much can I borrow with a Housetable Home Equity Loan?
You can borrow up to 87.5% of your house's after-renovation value (CLTV).
Will Housetable ever send an inspector to my house during the renovation process?
Nope. As a tech-enabled lending company, we pride ourselves on digitizing the entire application and inspection process to make life easier for everyone involved. Your contractors will periodically update us on their progress and request payment releases by capturing virtual tours of your home, all while using our mobile app.
