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Home Equity Loan
Home owners with good credit have the option to use the equity built in their home as collateral for a loan. Home equity loans are typically shorter than first mortgages and, on occasion, it is possible to deduct the interest from a home equity loan on personal income taxes. There are two types of home equity loans– closed end and open end.

Closed End Home Equity Loan ("Second Mortgage")
A closed end loan involves a fixed interest rate on a lump sum loan on closing. The repayment terms a generally established at 15, 20 or 30 years. Both the interest rate and the monthly payments remain the same during the loan’s lifetime. Home owners cannot borrow beyond the initial loan. The amount of money available to borrow is determined by factors including credit history, income and a home appraisal. It is possible to borrow more than 100% of the appraised value of a home, which is called an over-equity loan, although some states limit the amount that can be borrowed. Find out if a closed home equity loan is right for you.

Open End Home Equity Loan
An open end home equity loan is also referred to as a HELOC, or Home Equity Line of Credit. HELOCs have given millions of Americans great flexibility when seeking a loan. Home owners find greater flexibility in both borrowing and repaying a HELOC loan as the schedule is determined by the borrower. Unlike a conventional loan, the borrower is not advanced an entire lump sum up front. Rather, the borrower uses the line of credit to borrow amounts up to the total loan amount. HELOC funds borrowed, plus interest, must be paid back at the end of the loan, or draw period. In addition, the interest rate is adjustable and not fixed like a closed end home equity loan. The interest paid on a HELOC loan is typically deductable under federal, and some state, income tax laws. Compare rates for HELOC loans now.

Possible Fees
Although appraisal fees, title fees, arrangement fees, closing fees, originator fees, stamp duties, early pay-off and other costs are often included in your loan, ask your lender about all associated costs. Some fees may be waived; such as surveyor, conveyor or valuation fees.

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*About Our Advertised Rates

Fixed Interest Rates
- Our advertised fixed interest rates are based on a 15-year fixed-rate loan with a loan-to-value ratio of less than 80% and are current as of Mar 8th, 2010. The Annual Percentage Rates (APRs) of the loans will be slightly higher.
-Loans may carry closing costs and/or origination points. Rate and terms offered may vary depending on your credit history and other qualifications, amount of equity in the property, property location, type of property, and other factors. We arrange but do not make loans.

Adjustable Interest Rates and Advertised Payment Terms
-Our advertised adjustable interest rates are based on a 5/1 ARM (Adjustable Rate Mortgage) with a 30-year fully amortizing term and are current as of Mar 10th, 2010.
-For a $200,000 loan, the initial interest rate is 3.500% for 5 years with 1.625 discount points due at closing. There is a 3.44% APR with an initial monthly principal and interest payment of $898 for the first 5 years. After a period of 5 years, the potential interest rate is estimated at 3.125% with an estimated monthly payment of $863.
-An Adjustable Rate Mortgage (ARM) is a mortgage with an adjustable rate that is amortized over 30 years.
-Your interest rate is fixed for the first 3, 5, or 7 years of the loan repayment period, depending on the type of ARM you have.
-After the initial fixed-rate period, the interest rate could adjust every 12 months, depending on the product and the financial markets.
-Interest rate adjustments are capped at 5% above your initial rate and 2% per adjustment period. In other words, if your initial interest rate is 4.5%, your rate will never be higher than 9.5%, and never rise more than 2% per year.
-Actual mortgage payment will vary based on your situation and the current interest rate when you apply.
-Not all consumers will be matched to a lender that is able to supply the advertised rates.
- Interest rate quoted assumes a FICO score of 720 with a maximum loan-to-value ratio of 80% on a primary residence.
-The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors.
-May not be available in all states.
-Available rates and payment terms are subject to change daily without notice.
-Payment amounts shown do not include taxes or insurance.
-The Annual Percentage Rate (APR) is variable and is subject to increase or decrease, so your payments may increase or decrease each year.

 

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