2nd Mortgage
2nd Mortgage
I want to use the equity I’ve built up in my home for a renovation, to consolidate debt, cover education costs, or to pay for other large expenses
Home Equity Loan or Line of Credit (HELOC)
Whether you’re funding a home renovation, a vacation, or planning ahead for college, a home equity loan or home equity line of credit allows you to take advantage of the appraised value of your home, providing easy access to cash when you need it most.
Home Equity Loan vs Line of Credit: Which Is Best for Me?
You can use a home equity loan to receive a one-time lump sum payment to be repaid in fixed installments with a fixed interest rate. In contrast, a home equity line of credit (HELOC) offers a revolving line of credit that allows you to borrow funds as needed up to a predetermined limit and pay interest only on the amount you use.
Goals You Can Achieve Using Home Equity
- Purchase a 2nd home or investment property
- Purchase home renovations
- Consolidate and pay off debt
- Take your dream vacation
Important Product Highlights
- 680 credit score
- 45% max debt-to-income ratio (DTI)
- Eligible for owner-occupied, second home, and investment properties
- Line of credit min. $50,000/max $500,000
- Prior-use appraisals are accepted for up to 12 months
More information:
What’s a HELOC & How Does It Work? Everything You Need to Know
4 Easy Ways to Build Home Equity
Reverse Mortgage vs. Home Equity Loan vs. HELOC: Which is Best?