Home Equity Loans
Access your home's equity with fixed-rate options for renovations, debt consolidation, or major purchases.
Home equity loans allow you to borrow against the equity you've built in your home. If you've owned your home for several years and have seen it appreciate in value, or if you've been making regular mortgage payments, a home equity loan can provide access to funds at rates that are typically much lower than credit cards or personal loans.
Key Benefits
• Fixed interest rates - Predictable monthly payments
• Lower interest rates - Typically much lower than credit cards or personal loans
• Use funds for any purpose - Home improvements, debt consolidation, education, or major purchases
• Potentially tax-deductible - Interest may be tax-deductible if used for home improvements
Frequently Asked Questions
How much can I borrow with a home equity loan?
Typically, you can borrow up to 80-85% of your home's value, minus what you owe on your first mortgage. For example, if your home is worth $400,000 and you owe $200,000, you might be able to borrow up to $120,000-$140,000.
What is the difference between a home equity loan and a HELOC?
A home equity loan provides a lump sum with a fixed interest rate and fixed monthly payments. A HELOC (Home Equity Line of Credit) works like a credit card with a variable rate and flexible borrowing.
How long does it take to get a home equity loan?
The process typically takes 2-4 weeks, similar to a mortgage refinance, as it requires an appraisal and underwriting.
Key Highlights
- •Fixed interest rates
- •Lower interest rates
- •Use funds for any purpose
- •Potentially tax-deductible
- •Predictable payments
- •Access your equity
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