Home Equity Loans

What is a Home Equity Loan?

A home equity loan is a loan that enables you to borrow funds against the value of a mortgage in your current home. A home equity loan is often referred to as a second mortgage and can really help households access large amounts of funds at a time.

How does a Home Equity Loan work?

Because a home equity loan will allow you to utilize a large amount of funds, this loan is typically repaid over time with fixed monthly payments. Another option within a home equity loan is to take out a Home Equity Line of Credit (HELOC). HELOC's are often attractive to those who want to option to take funds out as they are needing it and not all at once.

What are the benefits of a Home Equity Loan?

While taking out a Home Equity Loan can seem a bit scary, it is often used by many households and comes with some great benefits. Those benefits can include:

What's the first step to getting a Home Equity Loan?

The first step is to contact an expert Loan Officer to review your needs. The Loan Officer will then provide you with a loan estimate should this be the right loan for you. If you're ready, contact First Savings Mortgage today.

What factors can influence an approval on a Home Equity Loan?

While there is no clear and definitive answer if you'll be approved to obtain a Home Equity Loan or what your rate will be, there are some factors that can be a driving influence. Those factors normally include the following:

Of course, depending on your lender, there may be more factors but these are the general influencing ones to take into consideration.

If you feel that you are ready to make the next step and speak with a Loan Officer, feel free to reach out to us discuss all the options you can explore.


Contact an Expert Loan Officer