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Blog Image: How Can I Qualify for a Home Equity Loan?

How Can I Qualify for a Home Equity Loan?

Whether you are remodeling your kitchen, consolidating several big debts, or paying for your child’s college tuition, a home equity loan can be one of the most cost-effective ways to borrow money. Interest rates are lower on mortgages than on almost any other type of loan. But how do you know if you can qualify for a home equity loan? Here’s what you need to know to be approved for one of these popular loans: How a Home Equity Loan Works A home equity loan is a second mortgage. It uses your home as collateral and allows you to borrow against your existing equity. Your equity ...

March 18th, 2020 | Home Equity, How Can I Qualify for a Home Equity Loan?

Blog Image: How to Pay for Your Home Improvement Project

How to Pay for Your Home Improvement Project

Whether its remodeling a kitchen or bathroom or building a new deck outside, most homeowners will eventually want to make changes to their homes. While these improvements usually cost much less than it would to buy a new home, they can still be expensive. For example, even minor kitchen remodels cost an average of $21,000 in 2018, according to Remodeling Magazine, with mid-range kitchen updates averaging as much as $64,000. Many homeowners do not have that kind of cash lying around. Fortunately, there are at least four different ways to pay for a home improvement project. Home Equity Loa...

January 8th, 2020 | Home Equity, HELOC, How to Pay for Your Home Improvement Project

Blog Image: How to Build Home Equity

How to Build Home Equity

While it is possible to get into homeownership with little upfront investment, there can be many benefits to building up equity in a property. Mortgage equity is the value of the homeowner’s stake in a home. It is basically how much the home is worth minus how much is still owed on the mortgage. Having plenty of equity helps protect against foreclosure in case of financial hardship, it makes it easier to sell or refinance your home when the time comes, and it can be a source of emergency funding.  The good news is some of equity building happens without you having to lift a finge...

April 24th, 2019 | Home Equity, How to Build Home Equity

Blog Image: Home Equity Loan vs. HELOC

Home Equity Loan vs. HELOC

For many people, their home is their largest asset. And its value generally grows over time, producing more equity for the homeowners. How can homeowners make use of this equity without selling their house? A home equity loan or a Home Equity Line of Credit (HELOC) are both popular options with different pros and cons. Home Equity Loan A home equity loan is a second mortgage that is structured very similar to a traditional mortgage. The amount of the loan will be based on the owner’s existing equity in the home as well as by income and credit history. If all the right factors are i...

December 26th, 2018 | Home Equity, Credit, Home Equity Loan vs. HELOC

Blog Image: How to Get a Low Interest Rate on a HELOC

How to Get a Low Interest Rate on a HELOC

The amount of available home equity has recently hit all-time highs, meaning now is a great time to tap into your home’s value with a home equity line of credit (HELOC). These are revolving accounts that allow you to draw out money for anything from home improvement to college tuition to debt consolidation. Of course, just like with your primary mortgage, finding the best rate on a HELOC is essential. Here are some tips for scoring a great interest rate: Check Your Equity The more equity you have in your home, the better your odds are of being approved and offered a good rate. Yo...

October 17th, 2018 | Interest Rates, Home Equity, How to Get a Low Interest Rate on a HELOC