Get the lump sum cash you need. Securely.
Turn your home's equity into a single payout with a fixed interest rate. Enjoy predictable monthly payments that never change, making it the perfect tool for major renovations or debt consolidation.
The Certainty You Deserve
- Fixed Rates: Your interest rate is locked in. It will never increase.
- Predictable Payments: Your monthly principal and interest payment stays exactly the same.
- Lump Sum Funding: Get all your funds at once to immediately tackle your goals.
"I consolidated all my credit cards into one fixed payment. The process was stress-free."
- Sarah W., Homeowner
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How Does a Home Equity Loan Work?
A Home Equity Loan, often called a second mortgage, allows you to borrow a lump sum of money against the current value of your home. It's a straightforward, highly predictable financing option.
Determine Your Equity
Your equity is your home's current market value minus what you owe on your primary mortgage. You can typically borrow up to 80-85% of this value.
Lock in Your Rate
Unlike revolving credit lines, your interest rate is fixed at the time of closing. It will not fluctuate with the market, ensuring stability.
Receive Your Lump Sum
The entire loan amount is disbursed to you at once upon closing. You have immediate access to the full amount to fund your project or payoff debt.
Predictable Repayment
You repay the loan over a set term (typically 5 to 30 years) with fixed monthly payments of principal and interest, making budgeting incredibly easy.
Which Loan is Right for You?
Compare your options to see why a Fixed-Rate Home Equity Loan might be the most stable financial tool for your needs.
| Feature | Home Equity Loan | HELOC | Cash-Out Refinance |
|---|---|---|---|
| How you receive funds | Single lump sum | Revolving line of credit | Single lump sum |
| Interest Rate | Fixed | Variable | Fixed or Variable |
| Monthly Payments | Fixed (Never changes) | Fluctuates based on balance | Fixed (Replaces old mortgage) |
| Best Used For... | One-time large expenses | Ongoing, phased expenses | Lowering primary rate + cash |
Fixed Payment Estimator
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Loan Scenarios
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Your Fixed Payment
Estimated Monthly Payment
$593 /mo
Principal and interest fixed for 120 months.
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*This calculator provides an estimate for educational purposes only. It does not include taxes, insurance, or potential closing costs. Actual payments will depend on full underwriting approval.
Frequently Asked Questions
Common questions about securing a Home Equity Loan.
Can my interest rate change on a Home Equity Loan?
No. Unlike a HELOC, a standard Home Equity Loan comes with a fixed interest rate. Your monthly payment for principal and interest is locked in and will remain exactly the same for the entire life of the loan.
Are the interest payments tax-deductible?
Under current IRS guidelines, the interest paid on a Home Equity Loan may be tax-deductible if the funds are used to "buy, build, or substantially improve" the home that secures the loan. We recommend consulting a tax advisor for your specific situation.
How much equity do I need to qualify?
Generally, lenders require you to retain at least 15% to 20% equity in your home after the loan is issued. This means the combined total of your primary mortgage and your new Home Equity Loan usually cannot exceed 80% to 85% of your home's appraised value.