Home Equity Loans

Home Equity Loans

A home equity loan allows you to borrow against the value you’ve built in your home while keeping your existing mortgage in place. It provides a one-time lump sum with a fixed interest rate and predictable monthly payments, making it a straightforward option for homeowners who want stability and clarity.

Home equity loans are commonly used for things like home improvements, debt consolidation, education costs, or other major expenses. Because the loan amount is received upfront, it works well when you know exactly how much you need.

Your available loan amount is based on the difference between your home’s current value and what you still owe on your mortgage, along with standard lending guidelines. Since your home is used as collateral, interest rates are often lower than those of credit cards or personal loans.

Unlike a refinance, a home equity loan does not replace your current mortgage. Instead, it functions as a second loan with its own fixed payment and term, typically ranging from 5 to 30 years. This makes it a good option for homeowners who want to access equity without changing their existing loan.

A home equity loan may be a good fit if you have built meaningful equity, prefer consistent monthly payments, and want a clear repayment plan. Working with a knowledgeable mortgage professional can help you determine whether this option aligns with your financial goals.