Home Equity Loan

Have you considered using the equity in your home to pay off some of your debt, complete home improvements, cover emergency expenses, or continue your education? Now might be the right time to take a closer look! What exactly is a home equity loan? A home equity loan is a type of second mortgage that allows you to borrow the difference between what your home is worth and what you owe on your mortgage.

For example, if you have a home value of $300,000 and owe $200,000 on your mortgage, then your home equity equals $100,000. This is the amount you would be able to borrow as a lump sum with a fixed rate. Just to clarify, you would pay back the loan in fixed monthly payments over a set period of time. Keep in mind there are a few risks associated with home equity loans. Not only should you take into consideration your debt load and the current interest rates, but more importantly your home is collateral for the loan. 

Contact Us Today! 

Is a home equity loan right for you? Contact us today to find out more about home equity loans, as well as other ways to use debt to your advantage.

Free Tools For You! 

We also have free tools available! Download our Cash Out Refi vs Home Equity Loan Calculator to see which option is best for you! 

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