Home Equity Loan (HELoan)
Put Your Equity to Work
Get a lump sum of cash from your home’s equity, without touching your current mortgage rate.
Keep the Rate You Love
Get the cash you need without replacing your current mortgage.
Borrow Up to $400K
Receive a lump sum to fund renovations, consolidate debt and cover major expenses.
Fixed Rate. Predictable Payment.
Enjoy the confidence of knowing exactly what your monthly payment will be.
Use It Your Way
From consolidating high-interest debt to covering medical expenses or funding life's big moments, the choice is yours.
How a HELoan Works
Borrow
Access up to $400,000.
Rate
Access your home’s equity without replacing your current first mortgage.
Term
Lock in a rate and enjoy consistent monthly payments throughout the life of the loan.
Appraisal
A smoother process with one less step.
Run the Numbers
See If a Home Equity Loan Fits Your Budget
Compare Against a HELOC
The Breakdown
Up to 90%
Combined Loan-to-Value
640+
Credit Score
≤50%
Debt-to-Income Considered
See How Much Cash You Could Access
Your home may hold more value than you realize. Answer a few quick questions to explore your Home Equity Loan options.
Frequently Asked Questions
How does a Home Equity Loan work?
A Home Equity Loan allows you to borrow against the equity you’ve built in your home and receive the funds as a lump sum. You’ll repay the loan through fixed monthly payments over a set term while keeping your current first mortgage rate in place.
Home Equity Loan vs. HELOC vs. Cash-Out Refinance: Which is right for me?
All three options let you access your home’s equity, but they work differently. A Home Equity Loan provides a lump sum with a fixed interest rate and predictable monthly payments. A HELOC provides access to a revolving line of credit that can be used as needed. A cash-out refinance replaces your current mortgage with a new loan and provides cash at closing. The right option depends on your goals, how you want to access your funds, and whether keeping your current mortgage rate is important to you. Your loan officer can compare these options with you and help you decide the right loan to meet your needs.
Are there closing costs on a Home Equity Loan?
Closing costs can vary based on factors such as loan amount, property characteristics, and the loan terms selected. Your loan officer can provide a personalized quote based on your financial situation and borrowing needs.
What are common reasons homeowners choose a Home Equity Loan?
Homeowners commonly use Home Equity Loans for home improvements, debt consolidation, education expenses, unexpected medical bills, major purchases, and other large financial needs. A Home Equity Loan provides a lump sum of cash that can be used to help achieve a variety of personal and financial goals.
What factors are considered when qualifying for a Home Equity Loan?
Qualification typically depends on factors such as the amount of equity available in your home, your credit history, income, debt obligations, and property eligibility. Loan amounts, terms, and available options may vary based on your individual financial profile.
The 2nd lien closed end home equity loan (“HELoan”) is a subordinate mortgage and is not available in all states. The HELoan is available for primary and secondary residences and minimum loan amounts apply.