Home Equity

Get Approved for Florida’s Fastest HELOC

Are you trying to purchase another home and in need of ‘bridge’ financing? Are you an investor looking to cash out equity from one or more of your rental properties to acquire more properties for your portfolio? Are you looking to pay off debt or use equity for home improvements?

If you answered “yes” to either of the questions above, then our “Magic Equity” product may be a perfect fit for your financial situation.

Home values are near all time highs. Now is the time to consider securing a line of credit. My Easy Mortgage has products that allow property owners to take equity out of their primary or secondary residences (or investment properties) without having to go through a traditional 30-45 closing process at a local bank or credit union. With Magic Equity you can access cash from your real estate equity in as little as 5-10 business days. Replace your roof, renovate your kitchen, consolidate debt – you choose how to use the cash from Magic Equity. There is No Prepayment Penalty and we offer Fixed Rates.

In addition to fast closings, our Magic Equity product allows for cash out on secondary homes, vacation homes, rental properties, and multi-family properties. Typically, home equity loans from banks do not include these types of properties. See some additional details and common FAQs about Magic Equity below.

Get Started

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Get Funding in as Few as 5 Days – Getting Started and Common Questions

Finally…a “No Hassle” HELOC for Busy Professionals in Florida!

“How long after closing on a 1st mortgage must a borrower wait before applying for a standalone HELOC?”

The borrower must wait 45 days after closing on a refinance and 90 days after closing on a purchase before applying for a standalone HELOC.

“What documentation will the borrower need to provide for the loan process?”

The borrower will need, at minimum, a copy of their valid state issued ID, IRS.gov or ID.me, user IDs for bank accounts, certificates of trust (if applicable), and potentially proof of homeowner’s insurance.

Pricing & Fees

“What rates can the borrower expect to see?”

Interest rates are determined by loan components through AI (aka black box). Currently, there is no rate sheet to calculate pricing by specific loan qualifications.

If the borrower is approved, they may receive several offers with differing rates / terms / origination fees and can select the option that is most suitable for their needs.

“Are there any pricing discounts?”

Quoted interest rates assume a 0.25% discount for automatic payment enrollment. Opting out of this feature will increase the interest rate accordingly

“What are the closing fees?”

One-time origination fee of 1.5% or 2.99%, depending on applicant selection (choices vary based on creditworthiness, LTV, and state of residence)

General Guidelines and Applications In Process

What loan terms are available?

Borrowers are offered fixed rate loan terms of 5, 10, 15, and 30 years for standalone HELOCs. The HELOC is fully-amortizing throughout the life of the loan, there is no interest-only period. There is no prepayment penalty.

How long is the credit report good for?

While a soft pull is used for pre-qualification, hard credit will be used for final underwriting. The hard credit pull is valid for 30 calendar days and will be re-performed for any loans closing 30 days after the last hard credit pull. The soft credit is also valid for 30 calendar days.

How is borrower income verified?

Automated or manual income verification methods are used to support the stated income on all loan applications. Income can be a combination of earnings and/or asset depletion. The borrower will have the option to verify income by their choice of bank account data, asset accounts, paystubs, or tax filings.

Can income from a spouse be used for qualifying?

Yes, for the purposes of the standalone HELOC in Florida. All household income must come from a legal spouse/domestic partner, and will need to be verified.

What is the maximum Debt-to-Income (DTI) ratio?

The maximum DTI is 50%

Listen To Our Happy Homeowners Tell You In Their Own Words

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   Maria Uribe 
 
 
 
 Trustindex verifies that the original source of the review is Google. We had a great experience with Sam Wax at My easy Mortgage. The process was fast and everyone was amazing. I would highly recommend him.
  
 
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   r37049 
 
 
 
 Trustindex verifies that the original source of the review is Google. Amazing!  Gilbert and his team are top notch.  If there is a path to your new purchase and/or refinance, they will find it!
  
 
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   jocelyn hochsztein 
 
 
 
 Trustindex verifies that the original source of the review is Google. We had a great experience working with Stephen Arthur. He was responsive, patient, and incredibly knowledgeable throughout the entire mortgage process. Rebecca Sadlon was fantastic as well. Every question was answered clearly, and they made the experience feel seamless.  Thank you Stephen and Rebecca!
  
 
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   Shawna Ramkalawan 
 
 
 
 Trustindex verifies that the original source of the review is Google. Stephen is the absolute best! I have worked with him for many years now and completely trust him with my clients. His professionalism, communication and accessibility are excellent. The experience is always smooth, fast and well organized. I am grateful to have such a knowledgeable lending partner who is patient, solutions driven, and focused on customer service to both the realtor and the client. I would give him 10 stars if the option was available.
  
 
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   Judith Holliday 
 
 
 
 Trustindex verifies that the original source of the review is Google. I highly recommend My Easy Mortgage!!! I had the pleasure of working with Eric and his team, Aisha and Shannon. Eric is professional, really cares about getting the best rates, and works hard to get it, always responds quickly too. In other words he has GREAT communication skills. Eric and his team made the process of refinancing fast and easy for me. I’m confident that he will do the same for you too!
  
 
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   Melissa Villoch 
 
 
 
 Trustindex verifies that the original source of the review is Google. We have purchased and refinanced 8+ houses over the years and this experience was the fastest and smoothest of them all. We have used Gilbert 3 different times now and it just keeps getting better. Thank you all!
  
 
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   Dean Norem 
 
 
 
 Trustindex verifies that the original source of the review is Google. Gilbert was fantastic to work with! He was transparent with costs and expectations. He worked hard to insure the process with smoothly
  
 
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 Trustindex verifies that the original source of the review is Google. Great option, knowledgeable, deal maker!
  
 
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 Trustindex verifies that the original source of the review is Google. They made home buying so easy! What a great team.
  
 
  
  
 
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