Congratulations To Our $5,000 Home Equity Sweepstakes Winner!
S. Johnson - Washington, DC
Whether you're looking to update your home, make a major purchase, or simplify your finances, a Home Equity Loan or Line of Credit can help.Loans from $10,000 to $250,000
Fixed monthly payment or revolving line of credit
Interest paid may be tax deductible - consult a tax advisor for details
Simplify Your Finances
Consolidate high-interest balances into one fixed, low-interest payment.
Update Your Home
Start a home remodeling project you have been dreaming about.
Make a Major Purchase
Access cash for major purchases and life events.
Understanding the Basics of Home Equity Loans
What is the difference between a home equity loan and a home equity line of credit?
A Home Equity Loan lets you borrow a fixed amount, secured by the equity in your home, and receive your money in one lump sum. Typically, home equity loans have a fixed interest rate, fixed term and fixed monthly payment.
A Home Equity Line of Credit (HELOC) allows you to borrow money as you need it with your home as collateral. Once approved for a HELOC you can draw funds over the “draw period” as you need, up to your approved credit limit.
Interest on a Home Equity Loan or Line of Credit may be 100% tax deductible. Please consult a tax advisor for details.Home Equity Line of Credit Disclosure
How do I figure out how much I can borrow?
Your borrowing ability is determined by the equity you have in your home as well as other factors such as credit history.
Borrow up to 90% of your property's appraised value, minus your first mortgage balance. Please note, the appraisal must be less than 6 months old at the time of closing.
|Your Appraised Property Value||$200,000|
|90% of Appraised Value||$180,000|
|Less Your First Mortgage Balance||$160,000|
|Your Available Equity||$20,000|