Home Equity Loan

A home equity loan may be the perfect solution if consolidating debt, starting a home renovation, or making a significant purchase is on your New Year's resolution list.

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 debt consolidation to simplify monthly payments, home improvements, education expenses, and emergency expenses.

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What are the benefits of a home equity loan?

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Fixed terms

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.

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Lower rates

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. 

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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?

Get started today

Complete a basic application.

Apply online in minutes, call 888-873-2640, or visit a Horizon Bank branch.

Work with an Advisor.

An experienced Horizon Loan Advisor is here to guide you through the process. 

Close on your loan.

Once your loan is approved your Loan Advisor will schedule your closing.

What can you use a home equity loan for?

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    Home Improvement

    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.

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    Major Purchases

    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.

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    Debt Consolidation

    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.

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    Education

    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.

 

 

Ready to apply for a home equity loan?

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    Visit a branch.
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Get answers to your frequently asked questions about home equity loans.

How to Figure Out Exactly How Much Equity You Have in Your Home.

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Home equity is the difference between what you owe on your mortgage and what your home is worth now. Interested to know exactly what that amount is?

You can figure out how much equity you have in your home by subtracting the amount of money you owe on your mortgages from the current value of your home. If you aren’t sure of the value, you can get a ballpark idea by checking the prices of similar sized homes that have recently sold in your neighborhood.  If you want a more precise estimate, you can order a home appraisal.

You can tap into that equity and borrow money from the value of your home in order to make big home improvements or pay off debt.

Home equity term loans allow homeowners to borrow a predetermined amount of money at a fixed interest rate. This is ideal if you know exactly how much money you need to borrow. You’ll lock in an interest rate for a set period of time and then pay the same amount each month.

Check out Horizon’s home equity term loans. We offer flexible options that leverage that equity so you can dream bigger about long-awaited home renovations or financing major purchases.

Ready to get started? Click here to apply online. Or if you prefer to talk with expert financial Advisors, contact us today at 888-873-2640.

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