Your Home, Your Cash
Home Equity Loan!
Whether you’re planning renovations, paying for college, or combining debts, a home equity loan gives you the funds you need while keeping your existing mortgage’s low interest rate intact.
What is a Home Equity Loan and how does it work?
A Home Equity Loan is a type of loan that allows homeowners to borrow against the equity they’ve built in their property. Equity is the difference between the current market value of your home and the amount you still owe on your mortgage. This loan provides a lump sum of money with a fixed interest rate and repayment schedule, making it an excellent option for funding major expenses like home improvements, debt consolidation, or education.
Common Ways to Use a Home Equity Loan
- Home Renovations
Planning to upgrade or remodel your home? A home equity loan can be the solution. Not only will you enhance your space, but you’ll increase your property’s value.
- Debt Consolidation
Feeling overwhelmed by multiple debts? Combine them into a single, more manageable payment with a competitive interest rate. Simplify your finances and reduce stress.
- Special Occasions
From weddings to celebrations, funding these unforgettable moments is easier with access to your home’s equity. It’s a smart way to cover large expenses while staying on budget.
- Education
Whether you’re financing higher education for yourself or a loved one, this loan provides the funds you need when other options fall short. Invest in a brighter future with confidence.
- ✓ To qualify, you’ll need a credit score of 680 or higher. A better score can help unlock more favorable loan terms and potentially higher borrowing amounts for your needs.
- ✓ As this is a second mortgage, expect closing costs typically ranging 2% to 6% of the loan amount. These fees may include appraisal, underwriting, and administrative expenses.
- ✓ Your monthly debt payments, including the new loan, should not exceed 50% of your gross income. This ensures manageable payments and financial stability.
- ✓ You typically need to have at least 15% to 20% equity in your home to qualify. Lenders often require sufficient equity to ensure you can borrow up to 80% of your home’s total value.
No matter your stage in life, we are here to help you achieve the dream of owning a home. Whether you’re a young professional buying your first property, a family seeking a space to grow, or someone looking to settle into the perfect retirement home, our personalized approach ensures that your unique goals are met. With tailored loan options and expert guidance, we simplify the process for everyone—because your journey to homeownership matters to us
