Homeowners across the country are taking advantage of the equity in their homes to finance home improvement projects, pay off high interest credit card bills, finance their children's college education, buy real estate investment properties, etc.
The equity in your home is available to you in a number of ways, namely: home equity loan, home equity line of credit or a cash out refinance loan.
Apply Now - quick 2 minute application for a Home Equity Loan and HELOC loan. Credit scores of 620 & up qualify (640, 650, 670, 680, etc).
Let's look at how home equity loans and home equity lines of credit differ.
A home equity loan is a separate loan that you take out based on how much equity you have built into your home. The equity in your home can be estimated as follows:
Appraised value of your home - Current mortgage payment. For example, if your home is currently worth $250,000 and your current home mortgage loan is $200,000, then you can estimate that you have $50,000 equity in your home.
You can take out a home equity loan worth $50,000 to finance personal projects or a business, etc.
A home equity loan is repayable in fixed monthly installments, just like your mortgage loan. A home equity loan does not require any closing costs and therefore can save you thousands in closing cost fees.
A home equity line of credit is like a credit card. It's a revolving credit line. This means that when you pay off, the amount that you have borrowed, that amount becomes available to you again. For example, if you get a HELOC for $30,000 and you spend $15,000 for a kitchen or bathroom home improvement project, you will have $15,000 for other projects. If you pay back the $15,000 that you borrowed, then you now have $30,000 available again.
Unlike a home equity loan, the interest rate on a HELOC is not fixed. Your monthly payment can vary based on the going interest rate or your loan balance.
Apply Now - quick 2 minute application for a Home Equity Loan and HELOC loan.
Home equity loans and home equity line of credit (HELOC) offered in all 50 states including: Alabama (AL) Alaska (AK) Arizona (AZ) Arkansas (AR) California (CA) Colorado (CO) Connecticut (CT) Delaware (DE) Florida (FL) Georgia (GA) Hawaii (HI) Idaho (ID) Illinois (IL) Indiana (IN) Iowa(IA) Kansas (KS) Kentucky (KY) Louisiana (LA) Maine (ME) Maryland (MD) Massachusetts (MA) Michigan (MI) Mississippi (MS) Missouri (MO) Montana (MT) Nebraska (NE) Nevada (NV) New Hampshire (NH) New Jersey (NJ) New Mexico (NM) New York(NY) North Carolina (NC) North Dakota (ND) Ohio (OH) Oklahoma (OK) Oregon (OR) Pennsylvania (PA) Rhode Island (RI) South Carolina (SC) South Dakota (SD) Tennessee (TN) Texas (TX) Utah (UT) Vermont (VT) Virginia (VA) Washington (WA) West Virginia (WV) Wisconsin (WI) Wyoming (WY) New York (NY) Los Angeles (LA) Chicago Baltimore Washington D.C. (DC) Los Vegas Philadelphia Boston New Orleans Los Angeles Seattle Miami Tampa Arizona Memphis Charlotte Dallas Minneapolis Tulsa Cincinatti Las Vegas Detriot Pittsburgh Charlotte Oakland Austin Denver Phoenix San Diego Sacramento Raleigh Portland
Apply Now - 2 minute form. No FEES! No obligation. No Credit Check and NO SSN required to match you to a loan!
Home Equity Interest Rates
| Today | |
|---|---|
| 30K HELOC | 6.22% |
| 50K HELOC | 5.71% |
| 30K Home Equity Loan | 7.50% |
| 50K Home Equity Loan | 7.29% |
| 75K Home Equity Loan | 7.19% |
Average Home Prices
| Price | |
|---|---|
| Metro Washington D.C. - Arlington - Alexandria - MD | $432,900 |
| Baltimore - Towson - MD | $265,100 |
| Allentown - Bethelehem - Easton - PA - NJ | $243,400 |
| San Diego - Carlsbad - San Marcos - CA | $607,400 |
| San Francisco - Oakland - Fremont - CA | $718,000 |
| San Jose - Sunnyvale - Santa Clara - CA | $747,000 |
| Sacramento - Arden - Arcade - Roseville - CA | $380,900 |
| Sarasota - Bradenton - Venice - FL | $374,900 |
| San Antonio, TX | $136,800 |
| Pittsburg, PA | $114,300 |
| Chicago - Naperville - Joliet - IL | $265,600 |
| Las Vegas, - Paradise - NV | $315,900 |
| New Orleans - Metairie - Kenner - LA | $181,200 |
| Minneapolis - St. Paul - Bloomington - MN - WI | $230,500 |
| Albuquerque, NM | $174,100 |
| Little Rock - North Little Rock - AR | $125,900 |
| Salt Lake City, UT | $182,300 |
| Boulder - CO | $349,500 |
| Boston - Cambridge - Quincy - MA - NH | $397,500 |
| Atlanta - Sandy Springs - Marietta - GA | $170,200 |
| Seattle, Tacoma - Bellevue - WA | $335,200 |
| Tuscon, AZ | $245,200 |
| Hartford - West Hartford - East Hartford - CT | $253,800 |
| Knoxville, TN | $148,800 |
| Jackson, MS | $142,500 |
| Miami - Fort Lauderdale - Miami Beach - FL | $391,200 |
| Dover, DE | $185,700 |
| Charleston - WV | $117,300 |
| Charlotte - Gastonia - Concord - NC | $183,500 |
| Cleveland - Elyria - Mentor - OH | $135,700 |
| Kansas City - MO - KS | $156,500 |
| Montgomery, AL | $136,300 |