Home Equity Loans

Once you re approved for a home equity loan you ll receive your money in a single lump payment.

Home equity loans. You then pay the loan back with interest over a set period of years. The following discounts are available on a new home equity line of credit heloc. Home equity loans are second mortgage loans that you pay off with monthly payments just as you do with your primary mortgage.

A home equity loan hel is a second mortgage that allows you to tap a portion of your home s value in a lump sum payment. Rates may vary based on ltv credit scores or other loan amount. A home equity loan or home equity line of credit heloc allow you to borrow against your ownership stake in your home.

2 an initial draw discount of 0 05 for every 10 000 initially withdrawn at account opening up to 0. A home equity loan is a second mortgage that borrows against the equity in your home and uses your house as collateral to secure the loan. Most home equity lenders allow you to borrow a certain percentage of your home equity typically up to 85 percent.

As of july 14 2020 the fixed annual percentage rate apr of 3 90 is available for 10 year second position home equity installment loans 50 000 to 99 999 with loan to value ltv of 70 or less. A home equity loan or second mortgage can be a source of money to fund your major financial goals such as paying for college education or medical bills and can prevent building up credit card debt with high interest rates. Tapping home equity accesses the portion of the home you ve paid for to get one lump sum payment without having to sell your home or refinance your first mortgage.

A home equity loan is an installment loan based on the equity of the borrower s home. The interest rates are competitive with other types of loans and the terms. 1 an auto pay discount of 0 25 for setting up automatic payment at or prior to heloc account opening and maintaining such automatic payments from an eligible bank of america deposit account.

The index as of the last change date of march 16 2020 is 3 25. All mortgage loans typically require extensive documentation and home equity loans are only approved if you can demonstrate an ability to repay. Home equity loans usually have fixed interest rates and are available in terms of five to 15 years.