A home equity loan is a loan taken out by a borrower to use the equity of his or her home as collateral. The loan amount is determined by the property’s current market value, which a designated appraiser determines. The longer you’ve owned your home, the more equity you’ve accumulated and can then use towards your financial goals.
If you’re struggling to meet your monthly payments, taking out a home equity loan can allow you to access a lump sum of money at a lower interest rate. These funds are often used to consolidate multiple existing debts into a singular payment, putting borrowers in a healthier long-term financial position.
Let us help you find the perfect mortgage product for you. A home equity loan may very well be your best option.