A Home Equity Loan allows you to borrow a fixed amount in one lump sum. As the name implies, you can put the mortgage payments you've been making all these years to good use by accessing the equity in your home to fund improvements. The amount you qualify for is calculated based on your home's loan-to-value ratio, payment term, income, and credit history.
Our home equity loans have a fixed interest rate and a fixed monthly payment, meaning you'll know exactly how much your monthly payment will be for the entire life of the loan. This is especially beneficial, as the loan will not be subject to increasing rates. Our home equity loans also allow borrowers to pay back more considerable sums without charging a penalty for early payments.
A valuation of your home will need to be completed to learn the value of your home. There are also other fees that come with your home equity loan.