Home Equity Loans & Lines of Credit
Need some extra cash? Put your home equity to work! Use the equity in your home for major financial expenses such as home improvements, medical bills, or even a college education!
A home equity loan or line of credit creates a lien, or second mortgage, against your property and reduces actual home equity until that lien is paid off. Just like your first mortgage, the interest paid on home equity lending solutions is tax deductible.
Home Equity Loan
Need a lump sum up front for a project or large purchase? A Home Equity Loan can be granted for up to 80% of the appraisal value, less any existing liens on the home, and you'll have up to 15 years to pay it off. The minimum financing amount is $5,000 and the maximum is $300,000.
Home Equity Line of Credit (HELOC)
A HELOC works similar to a credit card. You apply now to establish your credit line so you have it when you need it. A "draw period" will be defined when the credit line and issued, and can be extended upon re-approval when it expires. Draw periods can be up to 5 years. Your credit limit will be established at the time of application, up to $200,000. Unlike a Home Equity Loan, a HELOC has no minimum loan amount, so use only what you need!
|Term up to||APR* as low as|
Effective September 5, 2019
Financing up to 80% equity. Non-refundable fees assessed at time of application are $250.00 for up to and including $100,000 in credit and $450.00 for over $100,000 in credit.
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The same requirements apply to both a Home Equity Loan and a Home Equity Line of Credit.
Loans are granted up to 80% of the appraisal value less any liens on the property
Eagle One must be no lower than second lien position
Non-refundable application fees are $250 for up to and including $100,000 in credit and $450 for over $100,000 in credit
Completed loan application
Proof of Income
Copy of the deed of the home
Declaration page of the homeowner's policy
Credit score(s) of at least 620
Maximum debt-to-income ratio of 40%
If you have any questions about the equity in your home and what you are able to do with it, contact us.
*Consult your tax advisor.