Home Equity Loans | Home Equity Line Of Credit

A home equity loan (a.k.a. second mortgage) allows homeowners to borrow money by unlocking the equity in their home. It is a type of loan in which the borrower uses the equity in their home as collateral. Home Equity includes any funds you’ve invested in your home, either to own or improve it. A home equity loan is known as "secured debt," in that it is a debt against an asset that you own (in this case, your home). The lender will acquire your property if you fail to repay the money you’ve borrowed against your house. So before you leverage your home for cash, remember that it is a big decision that should be carefully considered.

Home Equity Loans Frequently Asked Questions:

What is the Difference Between a Home Equity Loan and Home Equity Line of Credit?

How Much Will My Home Equity Loan Cost?

How Much Money Can I Borrow From My Home Equity Loan?

What Can I Use a Home Equity Loan For?

Home Equity Line of Credit Tax Benefits
One benefit of a home equity loan is that the interest on a home equity loan may be tax deductible. Ask your tax advisor for more information.

A Sensible Choice for a Responsible Homeowner
If you’re a responsible borrower with a steady source of income and good repayment history, a home equity loan is a great option for you. It’s an easy way to borrow cash at a relatively low mortgage rate (that is likely tax deductible)! Contact a qualified mortgage lender to learn more about home equity loans.