What is A Home Equity Loan?

A Home equity loan allows a homeowner to borrower money using their home’s equity as collateral. You borrow a specific amount, which is provided as a one-time cash payout at closing, you then make regular payments during a fixed period. Since a home equity loan is “secured” by your property, interest rates are generally much lower than credit cards or personal/consumer loans.

• With a home equity loan, you apply for the amount you need.
• You’ll have a fixed interest rate that doesn’t change during the life of the loan.
• Each payment is the same every month and includes interest charges and a portion of the loan principal.
• 20 and 30 year fixed rate terms are available to keep payments low.
• Home equity loans can be refinanced down the road if interest rates decrease.

Purpose of Home Equity Loans

• Consolidate high interest debt into a fixed monthly payment
• Home remodels and home additions
• Investment opportunities
• Down payment for another property
• Large 1-time expenses (weddings, college, medical expense

Every homeowners goal’s and current loan scenario are different. Contact us to discuss your specific situation and to get more information on the Home Equity Loan’s we offer.