Home Equity Loans
Put Your Home’s Equity to Work
Why Choose a Fixed-Rate Home Equity Loan?
- Fixed Interest Rates
- Predictable Monthly Payments
- Keep Your Current Mortgage
- Lump Sum Funding
- Potential Tax Advantages
Is This the Right Choice for You?
A Home Equity Loan is generally the best fit for homeowners who have a clear, immediate need for a specific amount of money.
Debt Consolidation
High-interest credit card debt can be overwhelming. Swapping that debt for a single, lower-interest home equity payment can save thousands in interest.
Home Improvements
Planning a new roof, a backyard pool, or a full kitchen remodel? A lump sum ensures you have the funds ready for your contractor.
Major Life Expenses
Whether it’s funding a child’s education or covering a significant medical expense, a fixed loan provides the cash without the stress of variable rates.
The Process: What to Expect
- We determine how much value is currently in your home.
- A quick review of your income, credit, and current mortgage status.
- A professional confirms your home's current market value.
- You sign your documents, and the funds are deposited directly into your account.
Home Equity Loans FAQs
A Cash-Out Refinance replaces your existing mortgage with a brand-new one for a larger amount. A Home Equity Loan is a separate, “second” mortgage that sits behind your first one.
The Benefit: If you currently have a very low interest rate on your main mortgage, you get to keep it. You only pay the higher current market rate on the smaller amount you are borrowing now.
No. Unlike a HELOC or an Adjustable-Rate Mortgage (ARM), a standard Home Equity Loan has a fixed interest rate. Your monthly principal and interest payment will remain exactly the same for the entire life of the loan (typically 10, 15, or 20 years).
Because it is a mortgage product, there are typically closing costs involved, such as an appraisal fee, credit report fee, and title search. However, these costs are generally much lower than those of a primary mortgage refinance. We can often roll these costs into the loan so you have no out-of-pocket expenses at closing.
Under current IRS guidelines, interest on a home equity loan is often deductible if the funds are used to buy, build, or substantially improve the home that secures the loan. Because everyone’s tax situation is different, we always recommend a quick chat with your CPA to confirm.
While every situation is unique, most Home Equity Loans move faster than a traditional purchase mortgage. You can typically expect the process—from application to cash in your bank account—to take between 2 to 4 weeks, depending largely on how quickly the appraisal can be completed.
If you sell your home, the Home Equity Loan is paid off at closing from the proceeds of the sale, just like your primary mortgage.
