Home Equity Loan
Looking for extra hand in your hands for unusual expenses? A Home Equity Loan is a type of loan in which the borrower uses the equity in a home as collateral. You repay the loan with equal monthly payments over a fixed term just like your original mortgage. The amount you can borrow is usually limited to 85 to 90 percent of the equity in your home. The actual amount depends on your income, credit history, and the market value of your home. Our Home Loan Experts can help you develop the best plan possible to achieve your goals which may include a Home Equity Loan.
Home equity loans are attractive to borrowers for a few main reasons:
- They typically have a lower interest rate (or APR) than other types of credit
- They are easier to qualify for if you have less than perfect credit
- Payments on a home equity loan may be tax deductible
- Borrowers can get relatively large loans with this type of loan
Common Home Equity Loan Uses:
- Home improvements projects
- Business capital
- Buy another property
- Medical bills
- College education
- Wedding expenses
- Debt Consolidation
Borrowers are able to use home equity loans for life’s larger expenses. Contact us now for help!