Our Goal is to have you Approved within 24 Hours.
What is a Home Equity Loan or Home Equity Mortgage?
A Loan from Aroi is simply a mortgage against your property or any other real estate you may elect to use. At Aroi we provide property owners with a variety of financing options; including first, second and, in certain cases, third mortgages. You can borrow for needs such as a purchase, home renovation, debt consolidation, new home construction, and emergency expenses.
Chances are the value of your home has increased since you bought it. At Aroi, a home equity loan can get you access to money based on the increased market value.
How a Home Equity Loan Works
First, calculate how much equity you have in your home or real estate. Once you’ve determined your equity value you could have access to a portion of that equity within a short period of time. Use the following equation to calculate how much home equity you have
Home value – existing mortgage balance = equity amount
Why Aroi Says YES to Low Credit Ratings
Credit scores are designed to do one single thing — rank consumers based on their level of risk to a lender. However, the credit rating system is not perfect. The parameters of how credit is scored are very narrow — factors such as if you pay your credit card bills on time, how close to the limits you are, and if you’re employed. What credit ratings don’t take into account are most external factors. For example, you purposely don’t have have credit cards to avoid taking on debt or that you maxed out a credit card to renovate your home. All factors that make you more likely to pay back your loan on time.
Our 3 Step Approval Process:
Step 1: Is there enough home value to support the loan? — Call us today to speak with a decisionmaker who can help you estimate the value of your home in 5 minutes to answer this question quickly.
Step 2: Is the client able to afford the monthly payment? — We’re happy to provide a monthly payment estimate. In some cases we can even lend you the money for the payment.
Step 3: How will our client “exit”? — If we’re unable to obtain approval for you at bank rates, other sources are available. Since nobody wants to pay higher rates long term we ask a lot of questions to provide the best advice on what steps you should take to ensure a smooth transition to a prime rate lender. We’ll provide a step by step outline you can follow to repair and build credit quickly.
