The Basics > Home Equity Why would I take out a Home Equity Loan? There are many reasons for taking out a Home Equity Loan, including making home improvements, consolidating bills into one easy low payment, taking a vacation or paying an unexpected expense. The best part about a home equity loan is that it consolidates your debt and financial needs and bundles them up into one easy payment that may be tax-deductible (consult your tax advisor). What is the difference between a Home Equity Loan and a 1st Mortgage Refinance? A 1st Mortgage Refinance pays off all of the existing mortgages on your home while using your home as security. A Home Equity Loan is simply an additional mortgage on your home that allows you to gain a lower interest rate and better terms. How do I get a Home Equity Loan? Follow these simple steps to get the loan you want. 1.CHOOSE a loan product. 2.Complete and submit the APPLICATION. 3.Speak with our representatives to CUSTOMIZE your loan and send in your income information. Schedule the CLOSING and sign the closing documents. How long will the entire process take? By receiving your faxed income statements today, we can start the process immediately and have your loan closed in as little as 5 business days. How much can I borrow? You can borrow up to 100% of your home's appraised value minus your current mortgage, up to $150,000. *Final approval, loan amount, and APR are subject to your credit status, income and ability to repay. How much equity do I have in my home? Use our Equity Calculator to calculate the equity in your house. For what property types can I get a Home Equity Loan? The only property types for which we offer Home Equity Loans are owner-occupied, 1&4 unit, single-family, detached dwellings. How do I get an Equity Loan? Follow these simple steps to getting Equity Loan. 1. CHOOSE a loan product. 2. Complete and submit the APPLICATION. 3. Speak with our representatives to CUSTOMIZE your loan and send in your income information. Schedule the CLOSING and sign the closing documents. How long will it take to get an Equity Loan? If you fax in last year's W2, your deed and proof of homeowner's insurance, we would have your loan closed as fast as the next day! However a waiting period of 3 days is required for Closed-End Equity Loans for disclosure delivery. For what property types can I receive an Equity Loan? The only property types for which we offer Equity Loans are owner-occupied, 1&4 unit, single-family, detached dwellings. Start the Loan Application Now!