What is Home Equity?
Home Equity is the difference between what you currently owe on your home and its appraised value in the current market.
How Does it Work?
A Home Equity Loan is secured by your home and gives you a borrowing period that allows you to borrow as much as you need, up to your approved credit limit and loan to value.
What Can I use a Home Equity Loan for?
With a Home Equity Loan, the opportunities are endless. You can use it for educational expenses, home improvements, or a major purchase.
Home Equity Line of Credit
A Home Equity Line of Credit works similar to a Credit Card: You have a certain amount of money available to borrow and pay back, but you can take what you need as you need it.
Closed End Home Equity
A Closed End Home Equity Loan is a fixed-rate installment loan that you repay over a fixed term with equal monthly payments, just as you do with your mortgage loan.
Contact Nikki Welsch at 574-904-1598 or Chris Williams at 269-228-0073 for more information or to schedule a mortgage application appointment.NMLS #747642.