About Home Equity Loans
A Home Equity Loan, often referred to as a second mortgage, allows homeowners to borrow against the equity built up in their homes. This type of loan provides a lump sum of money, with fixed monthly payments over a predetermined period, making it a reliable option for various financial needs. Typically offering fixed and lower interest rates than many other consumer loans, Home Equity loans are an excellent option for debt consolidation, enabling you to save money on interest payments over the life of the loan, especially when consolidating high-interest loans like credit cards.
Home Equity loans are often used for things like home improvements and renovations, education expenses, unexpected emergency situations, business ventures, vacations, travel, weddings or other large purchases. The possibilities are endless. However, Home Equity loans do differ from HELOC loans, which instead offer a revolving credit line as opposed to a lump sum.
Acadia Lending Group is here to make the home equity loan process easier, with tools and knowledge that will help guide you along the way, and the first step is seeing how much you can afford and getting prequalified. You can also explore the options of a cash-out refinance, to see if that makes more sense for your situation.
The Home Equity Loan Process
Here’s how our home equity loan process works:
- Start by filling out a questionnaire to provide information about your property, current mortgage, etc
- Acadia will calculate your DTI, check your credit score and present you with loan options
- An appraiser will assess the current value of your home to determine the maximum loan amount you qualify for
- Choose the offer that best fits your needs