Taking equity out of a home means tapping into the value of the home that goes above and beyond what you owe. Here’s an example. Your home is appraised at $250,000. Your current mortgage balance is $200,000. That’s up to $50,000 in equity that you may be able to borrow for just about any need.

A mortgage helps you purchase your home. A Home Equity Loan uses what you have paid down on your mortgage, or the value your home is now worth, as collateral and borrowing power. Like a mortgage, you can apply for fixed rates on your home equity loan.

When you use a cash-out refinance, you’ll get some cash in hand from the available equity, much like a home equity loan. A cash-out refinance is a new first mortgage with a loan amount that is higher than what you owe on your house, so you will only have one loan to repay. The term for a cash-out refinance is typically longer than the term on a home equity loan.

A home equity loan provides a one-time advance. You can use this lump sum for nearly anything you need. With a home equity line of credit, you’ll have continued borrowing power. It works more like a credit card – borrow from it more than once as you need to.

Home equity closing costs do exist. They are typically more affordable than what you may expect when you obtain a mortgage and can be financed into the loan. We provide additional affordable home loan options for eligible applicants.

As you consider the home equity loans near me, be sure to consider lending power. The amount you can borrow on a home equity loan depends on the amount of equity present in your home. The best way to find out? Start your home loan quote online or schedule an appointment at your local branch.

Even the best bank for home equity loans needs to ensure borrowers meet specific qualifications. What are ours? We value those who have a proven track record, but we’re happy to work with many borrowers.