How to apply for a loan?
First, you will need to create an account and submit an investment inquiry through the website. If the company thinks the home equity investment is possible, it will send you an Investment estimate. It will include your investment terms. The company’s manager will set up a call with you to discuss the details.
If you agree to the estimated terms, start an application. You will need to upload the documents and undergo an appraisal. After that, you can sign the contract.
Requirements
The company’s criteria for an eligible borrower are:
- Having a single-family home or condo in a state Hometap operates in;
- Having a FICO score minimum of 500 and credit score above 600;
- Having a minimum of 25% of the home’s equity;
- The investment amount should be 30% or less of your total home’s value.
