Home Equity Loans
- What is a Home Equity Loan?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.
Home equity loans are most commonly second position liens (second trust deed), although they can be held in first or, less commonly, third position. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios.
- Why would I take out a home equity loan?
Customers have told us as many reasons for getting a home equity loan as the number of loans we've funded. You may choose to use an equity loan for home improvements, to buy a car, pay college tuition - or whatever you want.
Because home equity interest rates are typically lower than credit card rates, it may make sense to pay off your high interest debt with your equity loan. And, the interest payments on home equity loans are tax-deductible. Your tax advisor can give you the scoop on the tax benefits an equity loan can provide.
At Quote Loans and Insurances, we offer flexible equity programs where you can borrow up to 125% of the value of your home. Tell us what you want an equity loan for, and we'll find a good value for you.
- What equity loan amount do I qualify for?
The amount of equity you can borrow depends on a couple of factors. We'll check your home's loan-to-value (what you currently owe versus its value), your credit and income. With our flexible home equity programs, chances are you'll find the loan that's right for you.
- How much equity do I need to qualify for a home equity loan?
Unlike some lenders, Quote Loans and Insurances gives you options. We offer home equity loan programs where you can borrow up to 125% of the value of your home. If you want to find out how much equity you have, use our home equity calculator or call one of our Equity Specialists today.
- How do I know how much equity I have in my home?
Take the market value of your house and subtract the amount that you still owe on your mortgage. If your house is worth $350,000, but you have $200,000 left to pay on your mortgage note, that means you have $150,000 of equity in your house.
- How long does it take to get the cash to me?
In just a few minutes online or over the phone, we can get you pre-approved for your loan. All we need after that are a few verification documents, and we'll start your loan process right away. In most cases, we can close your loan in as little as 10 days! As soon as your loan closes, we will overnight your check or wire the funds to a specified bank account.
- What loan term options do you offer for home equity loans?
Quote Loans and Insurances has a strong selection of loan and payment terms to suit you. You could qualify for one of our fully amortized and interest only payment options with flexible terms of up to 30 years, or maybe one of our fixed-rate programs is more in line with your needs. With the variety of programs we offer, our equity specialists can help you figure out which loan program and loan term is right for you.
- How much money can I borrow?
Quote Loans and Insurances funds equity loans in the range of $15,000 to $500,000 upon qualification. If you want a loan apply online and be approved in minutes.
- I want to get financing to renovate a bathroom. What's the difference between a home equity line of credit and a cash-out refinancing?
A HELOC or Home Equity Line of Credit is typically a second mortgage on top of your existing one, secured on the portion of your house that you've already paid off. In some ways, a HELOC is like a credit card: your money is available to you at any time (up to your credit limit) and you only pay interest on the amount you actually use, not the full amount of your available credit. A cash-out refinancing is a mortgage that replaces your current mortgage. If the value of your house has increased since you bought it, your lender will probably let you increase the amount of principal and get some of the money out as cash. The new loan pays off the old loan and you begin repayment under the new terms.
- I'm in the market for my first house but I have only enough money to put down 10 percent. Can a 'piggyback loan' help me?
A piggyback refers to buying a property using more than one mortgage loan. Typical piggybacks are 80-10-10 loans or 80-15-5 loans. The first number is the portion of the purchase price financed by the first mortgage; the second number is the portion provided by the second mortgage; and the third number is the down payment paid by the home buyer. Another variation is the 80-20-0, a zero-money-down loan in which the first mortgage provides 80 percent and the second provides 20 percent of the financing. Piggyback loans usually have higher interest rates than standard mortgages, but allow home buyers who put down less than 20 percent to escape paying private mortgage insurance.
- What is a reverse mortgage?
A reverse mortgage is a special home loan available to seniors age 62 and over. It allows you to turn the equity you have in your home into cash, and typically does not have to be repaid until you die, sell your home, or move out. You can get the money in a single lump sum, as a regular monthly cash advance, or as a line of credit that you draw as needed. In the end the loan is paid off with the proceeds of the sale of the house. If the house sells for more than the loan amount, the owner of the house, or his or her heirs, gets the difference.
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