HOME EQUITY LOAN LENDERS
You can use the equity you've built-up in your home for important matters like college tuition, debt consolidation and home improvement.
Most commonly, home equity loans are available for new pools, kitchen remodeling, or additions.
Types of home loans:
- Fixed Rate: The fixed rate loan gives you the benefit of a low interest rate over the life of the loan.
- Variable Rate: A variable rate Home Equity Line Of Credit (HELOC) can give you a lower initial interest rate but is subject to adjustments on a monthly basis.
- Second mortgages
- Jumbo mortgages (generally over $322,700 on single family homes)
- Balloon loans
BEST HOME EQUITY LOAN LENDERS
- U.S. Bank - Best for Borrowers with Good Credit
- Wells Fargo - provides mortgages to individuals and businesses
- Discover - Best for Competitive Rates
- Navy Federal Credit Union - provides home equity loans to union members
- M&T Bank Offers - competitive rates and services.
- Truist - Best Fixed-Rate HELOC
- Citizens Bank - offers a full array of different financial products
- SunTrust - Best for Quick Approval
- Regions Bank - Best for Flexible Repayment Terms
- SunTrust - is a financial institution headquartered in Atlanta
- Citizens Bank - Best for Flexible Loan Amounts
- Regions Bank - offers a home equity line of credit, secured & Unsecured Loans
- PenFed - Best for Non-owner-occupied Properties
- Figure - is an online lender that uses blockchain technology
- PNC - is the ninth largest U.S. bank based on assets
Equity Loans (a second mortgage on your home) can very well be used to get rid of your debts. Some of the advantages are:
1 - If you own a house, interest on the refinancing or home-equity loan can be deducted from your taxes.
2 - Equity loans offer terms between five and 30 years. Home equity lines of credit can be drawn on for 10 years. After 10 years, you can apply to renew your line of credit.
3 - Home equity lines of credit feature a variable interest rate with a draw period of 10 years and a total repayment period of 30 years.
4 - Your credit limit is determined by taking a percentage of your home's appraised or fair market value, and subtracting the balances of any outstanding mortgages on the property. If you qualify, the minimum home equity loan or line of credit amount is $10,000.
5 - You do not have to occupy the residence you are using as collateral unless you are requesting a loan or line of credit accessing over 80% of your available equity.
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