A Home Equity Loan is a type of second mortgage that allows you to tap the available equity – the difference between your home’s value and your mortgage balance – in your home. A Home Equity Loan can be a good option if you need to cover large expenses. Because you can borrow against the value of your home, a Home Equity Loan may also be easier to qualify for than other loans because the loan is secured by your house. Other features and benefits include:
- Fixed interest rates, often lower than offered by credit cards or other unsecured consumer loans;
- Simplify budgeting because your monthly payment amount remains the same over the life of the loan;
- Borrow up to 80% of the equity you have in your home with terms of up to 15 years;
-
You can use the money for a variety of purposes – helping cover the cost of a single large purchase, such as a new roof on your home, solar and other energy-efficient home improvements, kitchen and bath remodeling, consolidating debt, or an unexpected medical bill.
Call today, (800) 253 – 6991, option 5, and see how we can tailor a Home Equity Loan just right for you . . .
NMLS # 839952
