Your home is likely your most valuable asset. Why not tap into its value with a home equity loan? Whether you want to use the equity in your home to improve your cash flow, consolidate debt, pay off mortgage arrears, manage emergency expenses, launch a business or simply have extra cash on hand, a home equity loan could be an excellent option for all your financial needs.
Unlike other types of loans that take into account your income or your credit history, a loan through the equity of your home allows you to borrow money at a low interest rate using the equity that you have built up in your home over time as collateral. Your home’s equity is calculated by subtracting
what you owe on your mortgage from your home’s current market value. For instance, if your house is valued at $300,000 and you still owe $100,000 on your mortgage, your equity would be $200,000. A loan specialist will be able to tell you exactly how much you could be eligible to borrow.