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What exactly is the benefit of the EAGL100 loan program if you have no outstanding debt?
Posted on 11/9/22 at 11:32 am
Posted on 11/9/22 at 11:32 am
Someone from JFQ Lending (my mortgage was formerly with them) gave me a call saying I qualify for their EAGL100 program. Essentially I qualify for 100% of the equity in my home mortgage.
It’s a 25 year loan, with the current rate (6%-7%) locked for a year. After that it moves with the current interest rate, but has a cap of a 2% increase. At least that’s what I was told.
- My wife and I have zero student loans
- our vehicles are paid off
- we already did some home modifications within the last 2 years
- we are also paying monthly on land that we intend to build on when/if the supply chain and rates go down
What benefit is this to me other than investing?
It’s a 25 year loan, with the current rate (6%-7%) locked for a year. After that it moves with the current interest rate, but has a cap of a 2% increase. At least that’s what I was told.
- My wife and I have zero student loans
- our vehicles are paid off
- we already did some home modifications within the last 2 years
- we are also paying monthly on land that we intend to build on when/if the supply chain and rates go down
What benefit is this to me other than investing?
1
Posted on 11/9/22 at 12:56 pm to VermilionTiger
I have a HELOC, which is what they are offering and I don't need it. However, it's nice to have and can be used as your "emergency fund", so you can stay fully invested and not keep cash in a low saving account. Also, you can do things like buy a vehicle with it and in effect do your own financing, plus the interest is tax deductible.
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