Answer: When you get a Home Equity Loan, your home serves as collateral so it is a secured loan. Home Equity Loans are sometimes called a second mortgage because you borrow against your home like your first mortgage.
Secured loans (like a home loan or auto loan) can offer lower rates than unsecured credit cards and unsecured personal loans.
You can reach out to a member of our team to make sure you can comfortably afford your Home Equity Loan and stay on top of your payments. Then you can get started on that to-do list!
Answer: Both a Home Equity Loan and a HELOC let you borrow against the value that is stored in your home because you have paid down your mortgage and/or your home has gained market value.
Here’s how these popular home equity products are different:
Answer: You can use your Home Equity Loan for a wide range of purposes, including:
Answer: You’ll need about 20% home equity to qualify for a Home Equity Loan, so here’s a simple way to see how much equity you might have in your home:
To protect you against shifts in the housing market, you can’t usually borrow the full amount of your current home equity.