Home Equity Options: HELOANs and HELOCs
Home Equity Options
Open the door to new possibilities by accessing your home’s equity–whether it’s to afford tuition, renovate, consolidate high-interest debt, purchase a second home or tackle an emergency expense. A home equity loan (HELOAN) or home equity line of credit (HELOC*) can help you find security wherever life takes you.
Understanding your options: HELOC vs. HELOAN
Get the cash you need by accessing your home’s equity through a HELOC or HELOAN.
A HELOC is a line of credit secured by your home. You can use your revolving credit line for large purchases such as tuition, renovations and emergency expenses.
Since HELOCs rely on your home’s equity, you can’t borrow more than the value of equity in your home, which is the value of your home minus the amount you owe on your first mortgage.
- Credit scores as low as 660
- Loan amounts up to $750,000
- Up to 95% of your home’s equity
- Fixed and adjustable-rate options
A home equity loan (HELOAN) provides up to 90% of your home’s equity as a piggyback second mortgage. The HELOAN acts as a second mortgage, to do an 80-10-10 with a first mortgage up to 80% loan-to-value to piggyback a second mortgage to avoid mortgage insurance or jumbo loan amounts. The HELOAN acts as a second mortgage, where a cash-out refinance transforms your first mortgage into a completely new mortgage. It offers flexible loan terms and fast funding
- Credit scores as low as 660
- Loan amounts up to $500,000
- Up to 90% of your home’s equity
*These are brokered loan products. State restrictions and eligibility requirements will apply based on investor guidelines.
All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
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