Equity Access Granted Loan
Get ready to access more of your equity with a streamlined loan product, designed and optimized for a customized home equity solution
What is the EAGL difference?
Tap into your equity for almost anything
Tap into your equity to renovate & remodel
Interest-only payment options
Interest-only payment options
Loan repayment at a fixed rate & payment
Loan repayment at a fixed rate & payment
Let Prosperity Home Mortgage show you how
Let Prosperity Home Mortgage show you how
EAGL FAQs
What is an Equity Access Granted Loan (EAGL)?
The Equity Access Granted Loan (EAGL) Product, is a Prosperity Home Mortgage exclusive loan product. With an EAGL, you can borrow against the current value of your home without changing the terms of your first mortgage. Our multi-purpose EAGL 100 can go up to 100% combined loan-to-value (CLTV). If home improvements are your goal, then our EAGL 133 can get you up to 133% of your home's CLTV!EAGLSs typically have a quick and streamlined review and approval process with the ability to access more of your home's value.
What are the requirements for an EAGL?
While our EAGL products do not have the same specific income, asset, and credit qualifying criteria as a traditional mortgage, they do require that we take your entire financial picture into consideration.
Individual product availability and pricing can vary based on your credit scores and your combined loan-to-value (CLTV) ratio. As with other loan types, having a higher credit score and a lower loan-to-value typically offers the best pricing.
Key Guidelines
- 660 minimum credit score requirement
- Loan amounts range from $70K to $250K.
- Interest-Only Adjustable Rate Mortgage
- Any loan purpose, except purchasing the home securing the loan.
- Eligible properties include most single-family detached, duplex, condominium, townhouse, and planned unit development properties.
For the EAGL 100 product:
- Primary residences must be owner-occupied at least 30 days prior to application.
- Second homes are eligible for up to 85% combined loan-to-value financing options.
For the EAGL 133 product:
- 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.
How is an EAGL different from a HELOC?
HELOC vs. EAGL
Opening a home equity line of credit HELOC is a direct access point for your home's equity, without making any changes to your first mortgage. HELOCs are typically structured with an initial interest-only draw period of up to 10 years where you can tap into your home equity, pay back the loan, and tap into the equity again if you want. Once the initial draw period is over, the loan enters the adjustable-rate repayment period for up to 20 years. An EAGL product brings together higher combined loan-to-value access to your equity with an interest-only adjustable rate mortgage and a 20-year repayment period with a fixed rate and payment. Unlike a HELOC, the EAGL has a one-time disbursement of all the loan funds at the beginning.
What's the difference between the EAGL 100 & EAGL 133?
*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 7.563% based on a 5.625% introductory rate with a $100,000 loan amount. The APR example is for a variable interest rate. Example is based upon a FICO Score of 800. A minimum FICO Score of 660 on a primary residence is required. 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 Prosperity Home Mortgage, LLC. An Interest-Only loan product may not be the best product for every borrower in all situations. Not available in all states. Rate is as of October 26, 2022 and is subject to change at any time without notice. Prosperity Home Mortgage, LLC NMLS ID 75164.
Interest rate and annual percentage rate (APR) are based on current market conditions as of 11/28/2022, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
