
Finance a Major Purchase
A Home Equity Loan can help fund a home expansion or remodel and help with debt consolidation or even college costs.
- Equity: The difference between the current fair market value of the property and the amount still owed on the property.
Refinance Your Mortgage
You can refinance your mortgage with a Home Equity Loan, which features no closing costs1 and becomes the primary lien on your property.
- Closing costs: Expenses typically due at closing, including an appraisal fee, taxes, title searches, credit report charges, and other fees.
- Lien: A legal claim granted over an item or property to secure the payment of a debt.
Simplify Budgeting and Planning
In a rate-fluctuating environment, you'll have peace of mind with one consistent monthly payment at a fixed rate. You can pay it back over time with a variety of payment options.
- Fixed rate: A variable interested rate loan can change over the life of the loan, whereas a fixed rate will never change over the life of a loan.
Borrow Up to 90% of Your Loan-to-Value
You can borrow up to 90% of your LTV ratio, as determined by the property valuation or appraised value.
- LTV: Loan to Value, a lending assessment. The appraised value or property valuation vs. the total of the loan.
- Property valuation: The fair market value of a given property, though the actual price of the property may be higher or lower. Fair market value is the price agreed upon by a willing seller and a knowledgeable buyer.
- Appraised value: The value of the property, based on factors like location, condition, and recent sales of local properties.