What Is an Asset-Based Loan?
With a traditional loan, you qualify for a mortgage based on your income and credit score. But what happens if you do not have a very large income because you have retired? Or, what happens if you have unpredictable income? In this case, you may have a difficult time qualifying for a traditional mortgage. Instead, Oregon asset-based loans can help you.
By taking out an asset-based loan, you qualify for your mortgage by utilizing your assets instead of your income. That way, you can secure your home loan with an asset utilization loan and get a competitive interest rate. If you have assets available, you have multiple to choose from. That is why asset-based loans are also called asset-utilization loans. As one of the top asset-based lenders in Oregon, it would be our pleasure to help you navigate the process of applying for an asset-based loan.
How Do Asset-Based Loans Work?
If you decide to work with an asset-based lender Oregon, you need to understand how these loans work. First, you will work with a professional to identify potential assets you can use. Examples include your bank accounts, investment portfolios, and retirement accounts. In general, you can qualify for a loan worth up to 100 percent of your liquid assets, 80 percent of your brokerage accounts, and 70% of your retirement accounts.
At the same time, you may not necessarily need to use all the available assets to qualify for your loan. The more valuable your assets are, the higher the loan amount you can qualify for. So consider how much you need before applying for an asset-based loan in Oregon.
Benefits of Asset-Based Lending in Oregon
If you decide to go with an asset-based loan in Oregon, there are several significant benefits you will enjoy. They include:
- You can qualify for a mortgage using only your assets. Because you don’t have to worry about verifying your income, you may be able to qualify for a loan with less paperwork. Minimum credit score and down payment are required.
- You may be able to access a loan that is worth up to $3 million. With the right assets, you can secure a high-value loan that allows you to purchase your dream home.
- You are in control of the assets that you use to qualify for your loan. Most large banks require you to pledge your assets to them as collateral. However, with these asset utilization loans, you are simply using your assets to show your ability to repay the loan. You do not need to tie up your assets.
- You do not have to worry about your income level. Regardless of your income level, you can qualify for an asset-based loan in Oregon by using certain assets as income.
- Take out a mortgage for a second home. If you are interested in taking out a mortgage for a home that is not your primary residence, you can do so with an asset-based loan
If you want to maximize the benefits of an asset-based loan in Oregon, we can work with you to make that happen.
How to Get an Asset-Based Loan in Oregon
If you want to qualify for an asset-based loan in Oregon, there are a few steps to follow. They include:
- Reach out to a mortgage strategist with our team. We would be happy to help you get the process started.
- We will direct you to fill out our loan application online. We will collect some basic demographic information from you before moving forward with the process.
- We will help you identify assets that you can use as income. If there are assets that you do not want to use, you do not necessarily have to use them.
- We will ask you to provide documentation verifying the value of your assets.
- After we have all the necessary paperwork, we will go through the review process internally and reach out to you if we need more information.
- Once we have approved your application, we will invite you to sign your final loan documents in the presence of a notary.
Areas We Serve
We are proud to offer asset-based loans across the state of Oregon. Areas served include:
- Happy Valley
- Lake Oswego
As you can see, we can provide asset-based loans to virtually any area in Oregon.
Other Non-QM Loans From Griffin Funding
At Griffin Funding, we offer a wide range of Non-QM loans for those who want to explore non-traditional financing options. Some of our popular Non-QM loan types include:
- Bank statement loans in Oregon: We have options available if you want to take out a loan using nothing but your bank statements, credit score, and equity.
- DSCR loans in Oregon: If you are looking for the best debt service ratio loans in the local area, we can help you.
- Jumbo loans: If you need to take out a jumbo loan for a larger property, we can help you secure the financing you need.
- Interest-only loans: Interest-only loans allow you to pay solely interest for a predetermined period of time. Once this time period ends, payments are recalculated to include the principal amount.
No matter what kind of financing you’re looking for, our team at Griffin Funding can help you explore your options.
Apply for an Asset-Based Loan in Oregon
Are you looking for a non-traditional loan that can help you purchase the property of your dreams? If so, we invite you to apply for an asset-based loan in Oregon. At Griffin Funding, we have worked with countless people throughout the local area to make their homeownership dreams come true. Now, we can help you as well. Get a free quote or fill out an online application today!