Work smarter, not harder. Upgrade your home without draining your savings.
Key Features
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Competitive Rates
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Local Processing
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Quick Decisions
Competitive Rates
Local Processing
Quick Decisions
Home equity is the amount of your home that you actually own. You'll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You can also build equity over time as your home's value increases.
You can borrow against your home equity with a fixed rate home equity loan or a variable rate home equity line of credit (HELOC). Here are some of the most common ways homeowners leverage their equity:
- Make home improvements or upgrades
- Pay off or consolidate debt
- Take a vacation
- Fund a student loan
- Pay for a wedding or celebration
- Start a business
A fixed term second mortgage Home Equity Loan is different than a HELOC Loan in that you must take all the money you want when you open the loan. This loan is ideal for a large project or a one-time debt consolidation.
- Lump Sum Payment
- Fixed Interest Rate
- Interest Tax Deductible*
A second mortgage Home Equity Line of Credit (HELOC) is a variable rate line of credit with continual access to funds — much like a credit card. HELOC Loans are ideal for ongoing needs or projects with multiple expenses/invoices because of the flexible credit limit. It's as easy as writing a check or transferring money right into your checking account as costs arise.
- Variable Interest Rate
- Borrow as you Need
- Interest Tax Deductible*
There's money in your home, what will you do with it?
You can figure out how much equity you have in your home by subtracting the amount you owe on all loans secured by your house from its appraised value. Example: Sara owes $100,000 on her mortgage, which is valued at $250,000. Her home equity is $150,000.
Home Value - Mortgage Balance = Equity
*Lenders typically loan a percentage of this amount.
We are here to help. Let us do the work.
FREE HOME EQUITY GUIDE
In a constantly evolving economy, understanding and leveraging the equity in your home can make all the difference. Whether you're contemplating renovations, pondering investment opportunities, or simply aiming to make well-informed real estate decisions, the Envista Home Equity Guide can get you started on the right path. Download your free copy!
*Consult a tax advisor.