Home Equity Loan
Do you have any home improvement? Or any debt you want to pay off? Or need to have cash for other goals? A home equity loan allows to have access to cash from your home equity while keeping your low interest rate on your existing mortgage.
If this option is ideal for you
Home Equity Loan Checklist
680 Minimum Credit Score
680 Minimum Credit Score required, but the higher the credit score, the more cash you may to take out.
Home Equity
Your home needs to have enough equity in order to be able to access a minimum of $45,000.
Closing Cost Funds
A home equity loan is a second mortgage. You will be required to to have from 2 - 6% of the funds to cover the closing costs.
Debt-To-Income Ratio < 50%
Your debt-to-income ration will need to be 50% or less.
*To get your personal loan requirements, please contact us.
Home Equity Loan Benefits
Home Equity Loan Benefits
Home Equity Loan is Not a Refinance
Home equity is a second mortgage. This does not alter your current mortgage interest rate.
Lump Sum
Home equity loan allows you to have access to cash from minimum of $45,000 up to $500,000 as long as your home has enough equity.
No Penalties if Paid Earlier
You can pay off your full loan early and you don't have to worry about penalties.
Fixed Interest Rate
A home equity loan is a second mortgage in addition to your first mortgage. Because this second mortgage has a fixed interest rate, your payment amount won't change.
Mortgage Calculators
Amortization Calculator This calculator estimates your monthly payment amount each month for the length of the loan.
DSCR Calculator This calculator helps you determine your Debt Service Coverage Ratio.
Mortgage Qualification Calculator This calculator helps you determine how much you can borrow based on your income, debts, and other financial information.
Ready to take the next step?
If you are ready, start your mortgage application now