Home Equity Lending

Home Equity Loan, Home Equity Line of Credit (HELOC), or Cash-Out Refinance: Which of these Home Equity Lending options from Bank of Internet USA would best allow you to reach your financial goals?

Use Your Home Equity to Help Finance Major Expenses

Through years of making mortgage payments, you have built up equity in your home. As a homeowner, you can now use that equity to borrow funds for major expenses, such as home improvements, traveling, or education costs. Each of the following Home Equity Lending options offers a unique way to access the equity you have in your home:

Call 1.888.546.2634 to speak to a knowledgeable Bank of Internet USA Mortgage Consultant who will personalize a loan package that is ideal for you.

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Home Equity Line of Credit Snapshot

  • Access your funds anytime, and pay interest only on the funds you use.
  • The HELOC Debit Card allows you to access your variable rate line of credit during the 10 year draw period.
  • Additional discounts available for current Bank of Internet customers.
  • Loan amounts up to $250,000.
  • A great product to have for multiple larger expenses.

Home Equity Loan Benefits Snapshot

  • You’ll receive a fixed monthly payment.
  • Your interest rate will be fixed for the life of the loan.
  • 10 and 15 year terms are available.
  • Loan amounts up to $250,000.
  • A great product to fund home improvement projects or large milestones.

Cash-Out Refinance Benefits Snapshot

  • We offer a comprehensive range of Mortgage Refinance options, as well as industry-leading interest rates for Cash-Out Refinances.
  • You'll receive a fixed lump sum payment.
  • You can choose between
  • 15- to 30-year terms are available.
  • Unlike home equity loans and lines of credit, a mortgage refinance is a new first mortgage, not a second mortgage.
  • You can get an instant mortgage refinance rate quote by filling out the form at the top of this page.

Home Equity Product Comparison

Possible uses Flexible access to funds for multiple expenses Cash paid out at once for multiple uses Cash paid out at once for multiple uses
Features
Account type Line of credit with variable-rate advance options Fully amortized loan with a fixed monthly payment Fully amortized loan with a fixed monthly payment
Access to funds Access to funds anytime during 10 year draw period Cash paid out one time and can be used anytime Cash paid out one time and can be used anytime
Interest rate Variable Fixed Variable and fixed-rate options
Loan amount range $30,000 - $250,000 $30,000 - $250,000 Up to $5,000,000
Fees Bank of Internet USA will pay up to $750 in closing costs
Bank of Internet USA will pay up to $750 in closing costs
Dependent on program
Payment option Interest only payment during 10 year draw period
Principal and interest payment Principal and interest payment
Loan term 10 year draw period followed by a 10 year repayment/amortization period
10 & 15 year terms available 30, 20 and 15 year fixed options, and fixed-period ARM programs available
Benefits
May be a good choice if you’re looking for: Cash for multiple expenses. Flexible access to funds anytime. Convenience of a debit card A stable fixed rate. Fixed monthly payments Cash for multiple expenses without having to take out a second loan