what is equity loan

Home Equity Loan Our standard home equity loan is a smart and affordable way to make a one-time purchase – and get the assurance of predictable monthly payments. Fixed interest rate means fixed monthly payments of principal and interest for the life of your loan; Receive funds in a lump sum

An auto equity loan is financing against the value of your vehicle. It’s risky, but may be an option for borrowers with poor credit. Learn about this loan plus alternatives.

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What Is a Home Equity Line of Credit? HELOCs Explained. –  · Like a Home Equity Loan (also known as a "second mortgage"), a HELOC allows you to borrow money using the equity in your home as collateral. But the thing that differentiates a HELOC is that it’s like a credit card: You can borrow on an as-needed basis, up to the loan’s limit, over the term of the loan (usually 5 to 20 years).

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For loan amounts of up to $250,000, closing costs that members must pay typically range between $150 and $1,200 ($250 and $1,900 in NY, ID and TX). Closing costs depend on the location of the property, property type and the amount of the Equity Loan. Offer is not valid for Fixed-Rate Equity Loans/Home Equity Lines of Credit used for a home.

 · A home equity loan, also sometimes called a second mortgage, is a lump-sum loan, usually with a fixed interest rate and a specific loan term. Once the most common way of extracting equity from a home, true home equity loans are becoming more rare.

What Are the Typical Home Equity Loan Requirements – The more equity you have, the bigger home equity loan you can get, but only up to a maximum of 80 percent of the equity in your home. Your credit score. Like most loans, a home equity loan has a credit score requirement.

Note that you must repay the loan with interest (usually a fixed rate), just as you pay your first mortgage or car loan. "Failure to pay can mean foreclosure on your home, so use a home loan wisely for purchases," says Thompson. You can typically get a large home equity loan-if you have adequate equity-since your house is the collateral.