A Home Equity Loan is also known as a second mortgage and is good for covering one-time expenses.
Common uses for Home Equity Loans include remodeling kitchens and bathrooms or making large purchases such as new appliances or windows.
You’ll receive a one-time lump sum upfront, secured by the equity in your home. The interest rate is fixed, so payments are consistent and predictable (great for your budget). Plus, choose a term that works for you, up to 20 years.
Questions about how to prepare before applying, next steps, and more? Visit Frequently Asked Questions.
You may also consider:
Home Equity Line of Credit
Tap into the equity in your home for ongoing access to cash.
Unsecured Home Improvement Line of Credit
Access funds less than $20,000 without using your home’s equity.