Renovate the kitchen, consolidate debt, take a vacation and more.
Your home, often your most valuable asset, can be a valuable resource when it comes to achieving your financial goals. Home equity loans are great for specific, one-time expenses such as purchasing a new car or embarking on a home remodeling project.
Ready to Apply?
You can upload copies of your income verification (recent paystub, pension or social security statement, etc), last two years of W2s, a copy of your Homeowners Insurance Policy and a recent Mortgage Statement directly to your application.
What Is Equity?
Equity is the difference between the value of your home and the remaining unpaid principal balance of your mortgage.
For instance, if your home is worth $250,000 and your mortgage balance is $100,000, your equity is $150,000.
What Is A Home Equity Loan?
A Home equity loan is a one-time loan for a fixed dollar amount at a fixed interest rate with a fixed term of repayment. This type of loan has a predetermined monthly repayment amount and an amortization schedule for up to 15 years.
Home equity loans are great for specific, one-time purchases like a new car or a home remodeling project.
Should You Use Equity For Reoccurring Payments?
Consider a home equity line of credit (HELOC). HELOCs offer flexibility, allowing you to use the funds as needed, whether all at once or at various times.