What is a Home Equity Loan?

Home equity loans are a lot like personal loans. Just as you might use your car as collateral for a personal loan, your home is your collateral with a home equity loan.

The amount you can borrow is essentially the difference between what your home is actually worth and how much you still owe on your mortgage.

  • If your home is valued at $250,000 and you still owe $100,000 on your mortgage, you have $150,000 in home equity.
  • The longer you pay the mortgage on your home, the more equity you build. Be careful, though; with home prices dropping, your equity may not be as large as it used to be.

Make your equity work for you! Home equity loans are a great way to pay for college, consolidate bills, home improvements or take your dream vacation.

Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

Click here to Apply for a Loan Online

For more information about our current terms and rates call our Mortgage Lending Department: 800-272-6003 ext. 1474 or send an email request.

Home Equity Loan Disclosure

Whether you are purchasing, refinancing, building or using your equity, we offer mortgage products suitable for any lifestyle. We have trained mortgage professionals ready to answer your questions and help you find the loan that fits your needs. Let us help you determine the best and most economical mortgage product for you. We are able to provide Mortgage Lending Services in the following states: OH, WV, SC, NC, FL, TX and PA.