Home Equity Loans & Lines of Credit
Home equity is the difference between the current value of your home and how much you owe on your mortgage. Home equity is one of the many benefits of homeownership, as it provides homeowners with financial flexibility and the possibility of being able to pay for things like renovations, college tuition, credit card debt, and much more.
How Do You Access Home Equity?
- Take out a home equity loan and receive your equity payment in one lump-sum. You would receive a check for the approved loan amount and pay back the loan every month with interest – the same as you would do with your primary mortgage.
- Take out a home equity line of credit (HELOC). A HELOC acts more similarly to a credit card than a home equity loan. This line of credit is also based on the amount of equity built up in your home. Unlike the home equity loan, you only have to pay back what you actually spend.
Benefits of Home Equity Loans & HELOCs*
- May be used for purchases, rate-term, and cash-out refinances .
- Owner occupied and second homes are eligible.
- Single family residences (SFRs), planned unit developments (PUDs), townhomes, and warrantable condos are eligible .
- Can go up to 95% combined loan-to-value (CTLV) ratio.
- Stand-alone HELOCs are obtainable.
There are a variety of options to consider when it comes to refinancing and using your home equity. Which is the best option for you? Some eligibility requirements apply, so give us a call, and together we’ll create a strategy that works for you!
*All benefits listed above are subject to availability. Terms and conditions apply.