Home Equity Loans

Have high rate credit balances? Home equity loans offer an opportunity to reduce your payments by hundreds of dollars, eliminate compound interest, and establish a new tax deduction. 

Do you need cash? A home equity loan gives you the option of getting cash for any purpose, such as, home furnishings, school or business expenses, buying a car, or paying off medical bills. 

Want to improve your home? Your home equity can provide tax deductible funding for remodeling and home improvement projects like a new kitchen - site, bathroom, or a room addition

Fixed rate home equity loans can provide the money you need, with affordable monthly payments, or if you prefer, you can choose a home equity credit line for withdrawing money as you need it.  

Access your home equity without changing the rate on your first mortgage, a home equity loan can eliminate your high interest debts, pay for improvements to your home, or cash any other purpose. 

If you are looking for fixed monthly payments to fit your budget, home equity loans can provide competitive rates for an installment loan with a one time disbursement of your money. 

As another option, a home equity credit line is a re-usable line of credit with an variable interest rate. Similar to a credit card account, a credit line can provide cash on demand, when you need it. 

  • Some lenders may lend a maximum of 75% loan to value, while others will lend up to 125%. Also, the purchase price may be used as the value, if owned for less than one year.
  • If an appraisal is required, the value is determined by the final sales prices of similar local homes that have recently closed escrow, not the homes that are still currently for sale. 
  • Interest rates quoted by lenders are usually based on a combination of two things: the credit scores of the primary wage earner of the household, and the current loan to value. 
  • The rate on a home equity credit line can adjust monthly based on the index plus a margin. A low margin means a lower rate. There may be a mandatory initial draw, or an annual fee.
  • There is a debt to income ratio that lenders use to determine your maximum loan. However, some home equity loan programs offer a no income qualifying option.      

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