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Home Equity Loan

A loan for big dreams

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  • Use the equity in your home for a better loan rate
  • No lender origination fees*
  • Fixed rate mortgage
  • Borrow up to 80% of your home's value

Check out our Home Loan Rates

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A Better Kind of Loan

A home equity loan leverages the financial power of your house to get you better interest rates. Fund debt consolidation, home improvement projects, or a second mortgage by using the equity in your home. You’ll get fixed rates based on the equity you have available, no lender origination fees, and amounts up to 80% of your home’s value. Get a second mortgage with 10 and 15 year** fixed rates.

 

From remodeled bathrooms to reducing debt, we'll help!

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FAQs

There are three ways you can start the process: apply online, call 800.527.3328 and ask to speak with one of our loan experts, or call us to schedule an appointment to meet with a loan expert at one of our branches.

Both loans use the value in your current home to secure a low rate. A Home Equity Loan is paid out as one large sum, whereas a HELOC approves you for a limit that works similar to a line of credit or credit card, which you can then borrow from here and there as you need it (you'll only pay interest on what you actually borrow). A Home Equity Loan is great if you know exactly how much you want to borrow; a HELOC might be a better choice if you have ongoing expenses.

It depends on the value of your home and any current loans outstanding. Get pre-approved online today and start the process.

Comparing the features of each loan will help you reach the best decision:

Cash-Out Refinance Home Equity Financing
One loan and one monthly payment Choose between a one-time loan advance or a revolving line of credit.
Your existing mortgage is refinanced for a higher overall amount using some of the accumulated equity in your home You can borrow all or part of your home's equity.
Get immediate cash and spread the payments out over a longer timeframe Flexibility of a shorter term to help build equity faster OR reduced monthly payments by spreading the cost over a longer term.
Usually a lower interest rate than home equity financing You can borrow more money - sometimes up to 90% of the value of your home. With a line of credit, interest is paid only on the money you actually use, and you can access it whenever you want without having to reapply.
Disclosures

*No lender fees on loans on a minimum loan of $40,000, up to a maximum of $100,000. Approval terms may be up to a maximum of 80% of your home’s value. There might be accomodation-recording fees, title charges to clear or transfer liens, or indemnification for construction on the subject property. The borrower may be responsible for these costs. Homeowners insurance is required.

**Payment Example: For a 10 year home equity loan for $100,000 where the existing mortgage does not exceed 80% of the property value.

At a 5.250% interest rate, the APR for this loan type is 5.25%. The monthly payment schedule would be:

  • 119 payments of $1,072.92 at an interest rate of 5.25%
  • 1 payment of $1,072.56 at an interest rate of 5.25%