There are county limits on how much money can be borrowed when it is for no equity finance and a lower limit imposed by the lenders which takes into account the joint income of both owners.
The eligibility of the borrower, the property type and the improvements planned are all considered because this type of loan may only have minimal documentation and is relatively easy to process.
Not everyone wants a home fireplace addition loan that is secured on the property but when the mortgage is small and the house value is high, this might be a good option. This type of loan is much quicker to organize and because the house is being used to secure the loan, it benefits from better terms and lower interest rates.
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