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Whether you need funds for a wedding, college tuition, home renovations, a vacation, or a second home, a Home Equity loan can help you leverage the equity in your home with the most flexibility and the lowest rates and fees.GET MY PERSONALIZED RATES
What is a home equity loan?
Home equity is the difference between the fair market value of a property and the balance of the mortgage owed against it. Home equity loans allow homeowners to access their equity in a lump sum of cash, which may be used for a variety of purposes, and is repaid in monthly installments. Home equity loans usually have fixed interest rates and are fully amortized while a home equity line of credit (HELOC) provides a line of credit that allows you to draw funds up to your maximum credit line.
To access your home equity, you have two options: a home equity loan or a home equity line of credit (HELOC). A HELOC acts as a credit card in that it’s a revolving line of credit. You make payments and pay interest only on the amount that you spend. With a loan, you receive one lump sum and make fixed monthly payments on that amount for the entire length of the term.If you have equity in your home, a home equity loan lets you exchange a part of this equity for cash. You can use this cash loan to make home improvements or upgrades, pay for college tuition or medical bills, or go on vacation.
Top reasons to get a home equity loan
Compare Home Equity Line of Credit Offers
From first-time buyer programs to reverse mortgages to home equity lines of credit (HELOCs), today’s lenders offer products that allow borrowers to save both time and money.VIEW MY FREE QUOTES
HELOCs vs. home equity loans
A home equity line of credit and a home equity loan are two types of second mortgages that allow you to access the money you’ve accumulated as equity in your home.
Determining whether an equity loan or home equity line of credit is right for you is no simple task. In general, it makes sense to get a home equity loan if you need a lump sum of money with a fixed interest rate, whereas, a HELOC is great for getting money in small amounts over time, but comes at the price of an adjustable interest rate.