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A home equity loan is a mortgage secured by the equity on your home. Generally interest is tax-deductible, so these loans are often good for home improvement or other investments.
Home equity is the amount of your home’s net value that has already been paid off. To get this figure, you subtract the principal balance remaining on your mortgage from the total market value of your house. When you borrow against your home equity, you automatically reduce your equity. Your home is considered loan collateral, providing the lender security if the loan is not repaid.
Sometimes called a second mortgage, a home equity loan is a cash loan. You receive the entire amount up front and pay a fixed monthly rate, covering the principal and interest, for the life of your loan. Home equity loans are often used to finance large, short-term expenses.
When considering a home equity loan, it helps to speak with an experienced professional. Our financial consultants will help you compare your needs and our options to ensure you get the best deal for you.
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Sometimes called a second mortgage, a home equity loan is a cash loan. You receive the entire amount up front and pay a fixed monthly rate, covering the principal and interest, for the life of your loan. Home equity loans are often used to finance large, short-term expenses.
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