Home Equity Loans
Borrow against the money you've invested in your home over the years with a home equity loan.
For most people, their home is their biggest asset. Did you know it could also be your most strategic asset, too?
Home equity loans and lines of credit through TFNB Your Bank For Life use your home as collateral. They’re sometimes called second mortgages.
Take advantage of your home’s value. Talk to a lending professional today about our home equity lending solutions.
Why choose a home equity loan?
Home equity loans have advantages over personal loans, lines of credit, and other lending solutions.
What is my home’s equity?
To calculate your current home equity:
Subtract how much you still owe on any home liens (usually your mortgage) from the current appraised value of your home..
The current appraised value of the home.
— The remaining balance on your mortgage.
= Your Current Home Equity
How does a home equity loan work?
Get financing secured by your home’s equity in a lump sum loan or line of credit. Generally, home equity loans have terms that range from five to 15 years.
As with other lending solutions, applying for a home equity loan requires a credit check. The higher your credit score, the easier it is to qualify for a more favorable loan. Also, an appraiser will estimate the current market value of your home.
As with your home’s first mortgage, you start paying off a home equity loan every month. You must repay the loaned amount in full by the end of the loan’s term. If you sell the home before you’ve paid off the home equity loan, you must pay the remaining balance at closing.
Home equity loans for Central Texas
TFNB offers all the lending solutions you need to buy, build, refinance, or borrow against your home. Let’s talk in person to get a better understanding of your financial goals. Contact us below to get started:
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We would love to help you find the home equity loans that’s right for you.