Home Equity Loan

Home Equity Loan

A home equity loan or home equity line of credit (HELOC) are loans that let homeowners borrow money based on the value of their home and how much they currently owe on their home loan. The equity in your home serves as collateral for the loan.

A home equity loan provides homeowners with a single lump sum payment whereas a home equity line of credit (HELOC) acts as a revolving line of credit that allows homeowners to draw money as needed. Interest rates on home equity loans are generally lower than rates on personal loans. For this reason homeowners often use these types of loans to pay off credit card debt or purchase a new car.

Generally lenders will allow you to borrow a maximum of 80% of your home’s equity. For example, if your home is valued at $400,000 and you have no current mortgage, you could borrow up to $320,000 in a home equity loan. Just like with any mortgage, your credit score, income and debt to income ratio will be used to qualify you for a home equity loan.

J. Recker
J. Recker
SoCal, CA
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"My wife and I have been with Anthony for several years. He has always been HELPFUL in facilitating our home refinances in a timely manner. He makes us feel like we are his only clients! Thanks Anthony!"
S. Nelson
S. Nelson
San Jose, CA
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"Nick did a FANTASTIC JOB on our refinance! He handled everything PROFESSIONALLY and CLEARLY COMMUNICATED with us throughout the process. Would highly recommend!"
S. Venegas
S. Venegas
Garden Grove, CA
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"Anthony has helped our family on numerous occasions with financing over the past years and he is always on top of things. Anthony is PROFESSIONAL, HONEST, TRANSPARENT and provides outstanding customer service and has integrity. You won't regret working with him!"
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