A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.
Home equity loans have a fixed rate
Potential to borrow up to 90% CLTV
Can be used for:
Potentially Deduct the Interest on Your Taxes (consult your tax adviser)
*Fees include filing fee/satisfaction fee, credit report, flood certification, and title work. Home appraisals are excluded. Home Equity or Home Equity Line of Credit must have a minimum loan amount of $10,000.00. With approved credit. Some restrictions apply. NMLS 441310
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