What is a Home Equity Loan?
If you are a homeowner who has been making regular mortgage payments over the years, you have probably built up considerable equity in your home. In basic terms, home equity refers to the current value of your home minus the amount you still owe on your mortgage. A Home Equity Loan allows you to take out a new loan using the equity you have in your home as collateral.
A Home Equity Loan is one of several ways that you can use the equity in your home to finance major life expenses. Other ways include our Cash-Out Refinance and Home Equity Line of Credit (HELOC) options. We invite you to compare our available Home Equity products to get an idea of which option might be best suited to your financial needs and goals.
If you are considering a Home Equity Loan, the first step is to get in touch with one of our Bank of Internet USA Mortgage Consultants at 1.888.546.2634. They will guide you through every step of the loan process and find just the right Home Equity Loan solution for your unique situation.