Home Equity Loan Calculator
Home Equity Loans: What to Consider
Home values are rising and more homeowners have the option to borrow some of their home equity. Lenders will check your home value and qualifications to determine how much you are eligible to borrow. Review your loan options with a home loan lender to see what is the best type of loan for you, a HELOC, or a straight home equity fixed rate loan. These are also known as second mortgages. Compare a home refinance with these options to see what is best for you.
There are a variety of reasons consumers choose to use these programs: Home repairs, remodeling projects, debt consolidation or to purchase a vacation or second home. A benefit is that the interest may be tax deductible depending on what you are using the money for. Check with your tax advisor to be sure.
Reader-friendly guide to home equity loans
Need cash? If you’re a homeowner, you’re probably aware that home equity loans are a popular option for borrowing money. But you may be uncertain about what they involve and how to navigate the potential benefits and risks.
This guide is designed to help you quickly and easily find out what you need to know about home equity loans. Each section provides a brief overview of a key aspect of home equity loans, with links to further reading at key points.
Compare Home Equity Rates
Home equity loan interest rates tend to be lower than rates on other types of consumer debt.
Use our Comparison Table to find the best Home equity rates.