Home Equity Loan
What is a Home Equity Fixed-Rate Loan?
A home equity installment loan is a type of loan that allows you to borrow a lump sum of money using your home's equity as collateral. Home equity loans typically have fixed interest rates, meaning that your monthly payments will remain the same over the life of the loan, up to 30 years.
The amount you can borrow with a home equity loan is generally limited to a percentage of your home's equity, usually up to 80%. Home equity loans are used for a variety of reasons, including home improvements, debt consolidation to simplify monthly payments, education expenses, and emergency expenses.
What are the benefits of a home equity loan?
A home equity loan is worth considering if you have a large one-time expense, or if you want to consolidate debt and focus on paying it off. It offers fixed rates and terms with a steady repayment schedule for the life of the loan.
Home equity loans typically have lower rates than other types of loans because the loan is secured by your home's equity making it a cost-effective way to borrow and pay off other high-interest debt.
Ease of application
The application process is simple and straightforward and you can apply at your convenience. Before you begin your application, it may be helpful to take a minute and review our home equity document checklist.
How long does it take to get a home equity loan?
Complete a basic application.
Work with an Advisor.
Close on your loan.
What can you use a home equity loan for?
For one-time home remodel projects, a home equity loan is a great option. Not only are you improving your home, but you’re also reinvesting the money back into your property.
A large one-time expense can be difficult to cover from savings alone. A home equity loan can be one of the most affordable ways to fund a large expense while sticking to a fixed amount.
If debt management has become a burden, a home equity loan may be the solution to help you consolidate payments from higher-interest rates for a more manageable payment.
When student loans aren’t available or aren’t enough, a home equity loan can be another solution to help you fund higher education expenses.
Get answers to your frequently asked questions about home equity loans.