Home Equity

Loan Types

A home equity loan is a very simple second mortgage on your home backed by the equity you've built up while owning your home. Typically, you can qualify for a second mortgage between 80 and 90 percent of the value of the equity in your home, depending on your credit history.

Type of Loans

The perfect loan if...

15 or 20-Year, Fixed Second Mortgage

If you’re borrowing more than $50,000, a 15-year, fixed second mortgage lets you build back your equity faster, at the lowest cost. You still have a monthly payment, but it is fixed and lower than your debt payments.

You're borrowing less than $50,000
You have the ability to afford higher monthly payments
You want to rebuild equity quickly
You anticipate borrowing money again in the future
You're making home improvements that will reduce your monthly bills, such as solar power

30 Year Balloon Due in 15 Years, Fixed Second Mortgage

By spreading your payments out over 30 years, you get the lowest possible monthly payments. While you don’t build back equity as quickly, you do have enough breathing room to fix your credit and refinance later. This loan works best for people who are only planning on staying in their home for a short while.

Borrowing more than $50,000
Need lower monthly payments
Don't need to rebuild equity quickly