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A Home Equity Loan takes your home equity, which is the net value of your home that you own outright. Basically, it’s the fair market value of your home minus what you owe on your mortgage. For example, if your home is worth $200,000, and the balance remaining on your mortgage is $120,000, then your home equity is $80,000. You own $80,000 of your home free and clear.
Your property is pledged to the lender as security in case you don’t pay back your loan. Borrowing against your home equity will reduce your home equity. So, for example, if you borrow $20,000 against your $80,000 home equity, your home equity is reduced to $60,000 until you pay back the loan. You can use our online calculators to see how much you can borrow, check interest rates and calculate estimated monthly payment.
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Homeowners use Home Equity Loans to:
There’s another type of loan that uses the equity in your home. It’s a Home Equity Lines of Credit: Similar to a Home Equity Loan, with a Home Equity Line of Credit, you also borrow cash against the equity in your home. However, there are a couple of differences to note.
Once you have decided that a Home Equity Loan is right for you, you will want to organize documentation that you will need to apply. Some of these documents include:
For a more complete list of documentation, you will need to provide you can print our Loan Preparation Checklist!
Use our quote form, a mortgage feature on California Mortgage & Home Equity Loans, Co. to locate a lender in your area offering the mortgage product that best suits your needs. The independent lender you select will work with you to help find a low-cost mortgage that meets your needs. Apply today!