About Home Equity Loans

understanding the product features or home equity loans

Home equity loans are fixed-rate loans repayment plans from 10-15 years. You will be advanced a loan based on the LTV value of the home. It will be classed as a second mortgage against your home.

equity loan product features

One-Time Advance

The money is advanced to you when you close your equity loan This advance is an one-time loan, with no further advances made on your account.

equity loan product features

Fixed-Rate Loan

Equity loan rates are fixed and set by the bank. The rate will not go up or down during the repayment period of the loan.

equity loan product features

Monthly Payments are Fixed

Your monthly payments are fixed. The amount and number of payments depend on the repayment terms of your loan. Lenders offer a range of repayment terms, generally from 5-20 years.

calculate your repayment amount

equity line product features

Repayment Terms

You may payoff your equity loan at any time. You need to check the lender's prepayment terms. Some lenders will charge a prepayment penalty under certain circumstances.