Further your financial goals using the money you’ve already paid into your mortgage.
Get the Cash You Need for All of Life's Expenses
If you have built a significant amount of equity in your home, don’t let that cash sit idle. Put your equity to work while funding a variety of expenses with a home equity line of credit. By getting a low-interest lump-sum loan, you can purchase anything from investments to college tuition!
Also known as a second mortgage or equity loan, this is a type of financing that lets you borrow money against the equity you have gained in your home. It can be a source of money for a variety of emergency expenses, giving you a lump-sum amount to use as you see fit.
Virtually any expense you can imagine can be funded through a home equity loan. This form of financing is popular for financing home repairs and remodeling projects, and it can also be used to support the purchase of investments, including property. From college tuition to medical bills, these loan can be use for a wide variety of expenses.
These loans are backed by the equity in your home. Essentially, instead of letting your home equity sit in the property, without actually using it, you can take out a home equity line of credit and put that equity to work.
To use a home equity loan, you need to meet a few specific requirements. Specifics will change with each lender, but you’ll generally need a high amount of equity (usually at least 20% or more), as well as a mortgage that is in good standing with no missed or late payments.
These loans bring a variety of benefits that make them popular compared to other forms of financing. Because they are supported by your home equity, banks and lenders can offer excellent interest rates. It’s often a faster path to financing, and you receive a lump-sum that can be repaid over numerous smaller payments.