HOME EQUITY LOAN
A second mortgage can help with major expenses
You can use a Home Equity Loan (also known as a Second Mortgage) to help with major expenses, such as home remodeling.
Use the equity in your home to get the financials you need
- Borrow up to 90% of your home’s value
- Terms up to 10 years
- Fixed rates
Loans subject to credit approval. See current rates and terms. Home equity financing will require a minimum of a 10% down payment. For example a $100,000 loan approved at 90% of value would require a down payment of $10,000. The minimum payment for a $90,000 loan at a 6.24% APR and 10-year term is $1,010.07. The minimum payment for a $90,000 loan with a 4.99% APR and a 5-year term is $1,698. These payment examples do not include taxes and insurance. Your actual payment may be higher. The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan. See our Loan Calculators for specific examples.