A home equity loan is a loan taken out against the equity in your home. Equity is the difference between the current market value of your home and the amount you still owe on your mortgage.
What Are the Best Uses for a Home Equity Loan? Home equity loans offer flexibility – you can use them for almost anything. However, home equity is a valuable asset, so you should treat it with respect and borrow carefully. If you're getting a large lump sum from a home equity loan,...
Here's an example based on our average customer who gets a home equity loan for debt consolidation:1 Want to reduce your monthly payments by hundreds of dollars? Our customerson average save $825a month!1Potentially you could too. See details below. ...
1. Gather Your DocumentsIdentification, current verification of income, and details of available equity in yourhome. 2. Apply For ReviewContact our team to apply. We willreview your application and provide a decision. 3. Finalize Your LoanSign the paperwork and receive the funds you need. ...
But the type of interest your home equity loan charges can make a big difference in the total amount you'll pay over the lifetime of the loan. While fixed interest rates are good for budgeting a consistent monthly payment, variable rates offer the possibility of lower monthly payments in ...
When student loans aren’t available or aren’t enough, a home equity loan can be another solution to help you fund your or a loved one’s higher education. Obtaining a Loan Estimate for a home equity loan A Loan Estimate provides important details about your loan, including the estimated ...
and these loans may offer tax advantages (consult a tax professional for details). Since home equity loans are secured by your home, they often come with lower interest rates compared to other loan types. We offer a variety of options to help you put your home’s equity to work for you...
Pros and cons of a home equity loan “Home equity loans offer the stability of fixed interest rates and consistent monthly payments, making them great for big expenses like home improvements. However, the loans use your home as collateral, meaning missed payments could lead to foreclosure,” say...
Obtaining only a Loan Estimate for a home equity loan A Loan Estimate provides important details about your loan, including the estimated interest rate, monthly payment and total closing costs. A banker can help you obtain a Loan Estimate without completing a full loan application. ...
A home equity loan—also known as an equity loan, home equity installment loan, orsecond mortgage—is a type of consumer debt. Home equity loans allow homeowners to borrow against the equity in their homes. The loan amount is based on the difference between the home’s current market value...