Home equity loans are a popular financial tool for homeowners seeking to leverage the equity they've built up in their homes. The equity is taken out as a 2nd mortgage with its own rate and payment, preventing the need to refinance your existing mortgage. This allows you to keep your existing mortgage rate and payment in place while still accessing cash out of the homes equity.
These loans provide a lump sum of cash by utilizing the difference between the home's current market value and the homeowner's remaining mortgage balance. Home equity loans are typically used for major expenses such as home renovations, education costs, debt consolidation, or major life events. This type of loan can carry a fixed or adjustable interest rate, providing flexibility and options. Trust Home Financial is here to guide you through the process, providing expert advice and tailored solutions to help you make the most of your home equity. Whether you're planning a major renovation, consolidating debt, or funding a significant expense, we're here to help you explore your options and secure the financing you need.