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