Home Equity
A home equity loan with fixed payments.
A home equity loan delivers a one-time lump sum at a fixed interest rate — which may suit borrowers who know exactly how much they need and want predictable monthly payments.
What you get
Fixed rate and fixed monthly payment
One-time lump sum at closing
May keep your existing first mortgage rate
Terms often range from 5 to 30 years
Subject to credit, income, equity, and property approval
Predictable budget
Fixed payments make it easier to plan your monthly cash flow.
Large expenses
Well suited for known costs like a major remodel or tuition bill.
Debt payoff
Consolidate higher-rate debt into one home-secured payment — weigh the risks.
Second lien
Sits behind your first mortgage — we explain how both payments work together.