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Equity Access Granted Loan: EAGL 100

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What's an Equity Access Granted Loan (EAGL)?

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The EAGL product is a JFQ-Lending-developed close-ended 2nd lien position mortgage, designed to expand your access to the equity in your home.

Superior to a HELOC in so many ways, we're proud to be bringing our new EAGL products to the innovation-starved home equity lending space today.

There's a lot packed into this description so we'll break down the key features: 

Close-Ended
  • Unlike a Home Equity Line of Credit (HELOC), the EAGL 100 has a one-time disbursement of all the loan funds at the beginning.
  • Instead of a draw period and a repayment period, we are able to offer you access to up to 100% of your equity for almost any purpose (see our EAGL 133 for specific home improvement projects).
2nd Lien Mortgage
  • We created the EAGL product to help our clients keep their historically low-rate first mortgage and still tap into their soaring equity.
  • This means we can offer EAGLs whether you just closed on your purchase a month ago, or we got you a great rate on a streamlined refinance 2 years ago!
Only From JFQ Lending?
  • Since we developed the EAGL 100 and EAGL 133 products and deliver them to our investors exclusively, you won't find these terms and features from your bank or big-box lender right now.
  • These custom-tailored home equity products are (not surprisingly) considered less risky by our investors, so that means highly competitive interest rates that can go toe-to-toe with elite-level HELOC options and come out ahead.

Why Not Just Get A HELOC?

If you're looking into home equity lending options, it's important to make sure you end up using the right financial tool for the job. Unfortunately, today's HELOCs are not one-size-fits-all.

EAGL 100 brings together up to 100% combined loan-to-value access with a 5-year interest-only ARM period and a 20-year repayment with a fixed rate and payment. This is more available equity than even the most aggressive HELOCs right now, and there's simply less exposure to long-term market conditions with the repayment terms getting locked in after the interest-only period.

You read that right: after five annual adjustments during the interest-only period your EAGL 100 is fixed for 20 years at the final adjusted rate. 

If markets improve, we'll be on the lookout to help you with a refinance. If not, keep your same rate and payment and enjoy this hedge against inflation – all with no prepayment penalty. 
 
Using a HELOC makes sense if you need the flexibility of a variable rate line of credit, tied to your home. This is especially true if your plans include using and repaying the funds so you can use them again at your convenience. If your borrowing needs range between $250K and $500K a HELOC typically delivers a longer repayment window as well (where the initial draw period is 10 years, followed by a 20-year repayment period). 
 

Key Guidelines 

  • Loan amounts range from $70K to $250K.
  • Minimum Credit Score (FICO®) of 660.
  • 25-year term; with a 5-year interest-only ARM followed by a 20-year term of monthly principal & interest payments.*
  • EAGL 100 is for funding any loan purpose, except for purchasing the home that's securing the loan.
    • Primary residences must be owner-occupied at least 30 days prior to application.
    • Second homes are eligible.
  • EAGL 133 is for funding home improvement projects only, including major appliances as part of a kitchen remodel. Fully executed contracts with valid/verifiable contractor's license info are required and bids or paid receipts within 60 days of application may be acceptable.
    • Primary residences only, and you must occupy the property at least 30 days prior to application.
  • Eligible properties include most single-family detached, duplex, condominium, townhouse, and planned unit development properties.

Speak with one of our licensed loan officers today for full qualifying criteria and to ... 

Get Started

Bottom Line

When it comes to home equity lending, with our EAGL 100 now you can soar!

 

This is an Advertisement

This offer is for the EAGL 100 and EAGL 133 Second Lien Programs. All other offers will have different terms.

*The advertised loan is a 5-Year Interest-Only Adjustable Rate Mortgage (ARM) followed by a 20-Year amortizing term. The total term of the loan is 25 years. The Interest-Only period is for the first 5 years of the loan and will adjust annually based on a margin and index. After the Interest-Only Period ends, the ARM will convert to a Fixed Rate Mortgage for the remaining 20-year loan term with a regular monthly payment of both principal and interest. The Annual Percentage Rate (APR) for the initial Interest-Only Adjustable Rate Mortgage (ARM) period is 8.050% based on a 5.99% introductory rate with a $240,000 loan amount. The APR example is for a variable interest rate. Click here for a full payment example. Example is based upon a FICO Score of 800. A minimum FICO Score of 660 on a primary residence is required for the EAGL 100 and EAGL 133 Programs. The actual interest rate, APR, and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by JFQ Lending, LLC. Not available in all states. Rate is as of August 19, 2022 and is subject to change at any time without notice. JFQ Lending, LLC, NMLS ID# 1639493, is not affiliated with any government agency.

HOW YOUR PAYMENT CAN CHANGE (“Worst Case Scenario”). Your payment can change every 12 month(s) based on changes in the loan term, interest rate, or loan balance. For example, on a $10,000 loan with a 300 month term and an initial rate of 4.990% the maximum amount that the interest rate can rise under this ARM program is 5.000 percentage points above the initial interest rate to 9.990 percent and the payment can rise from a first-year payment of $41.58 to a maximum of $96.44 in month 61. To see what your payment would be, divide your mortgage amount by $10,000, then multiply the monthly payment by that amount. For example, the monthly payment for a new loan amount of $60,000 would be $60,000 divided by $10,000 = 6. Multiply the payment amount by this number, e.g., 6 x $41.58 = $249.48.


 

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