Home Equity Loan
Borrow a lump sum of money against your home's equity with a fixed interest rate and predictable monthly payments.
Check Home Equity Loan RatesWhat is a Home Equity Loan?
Often called a "second mortgage," a Home Equity Loan allows you to borrow a fixed amount of money secured by the equity in your home. You receive the money in one lump sum.
The loan is repaid in equal monthly installments over a set term (typically 5 to 15 years) at a fixed interest rate, separate from your primary mortgage.
Who is this for?
Homeowners who need a specific, large amount of money for a one-time expense (like a single large renovation or debt consolidation) and prefer predictable payments.
Pros
- Fixed interest rate means payments never change
- Predictable payoff schedule
- Receive all funds upfront for immediate use
- Does not affect the low rate you might have on your primary mortgage
Cons
- You pay interest on the entire amount immediately, even if you don't use it all right away
- Rates are typically higher than a first mortgage or cash-out refinance
- If property values drop, you could end up owing more than the home is worth
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