Home Equity Loan

Overview

  • A loan that allows you to borrow against the value of your home.

The requirements:

  • Documentation verifying finances, income and employment
  • Credit score of at least 620
  • Debt-to-income ratio between 40%-50%

The benefits:

  • Fixed rate
  • Low monthly payments
  • Extended repayment options

Right for your situation if:

  • Want to renovate your home, pay for education or purchase a vacation home
  • Need to consolidate high-interest debt
  • Plan to make a major purchase