A home equity loan is very straight-forward. It allows you to borrow a specific amount of money for a certain period of time based on your home’s equity. The minimum borrowing amount is $5,000 and the maximum borrowing amount is $100,000.
Closing Costs - range between $300-$800 depending on the loan amount and value of the home.
Borrowing Amount - A loan-to-value ratio of 80% is used. Simply multiply the Fair Market Value of your home by 80%; then subtract your current mortgage balance (including any liens). This represents your available equity.
Interest Rate - is a fixed rate loan whose rate is determined by the term of the loan you choose. Click Home Equity - Closed End Loan Packet
Home Equity - Closed End Loan Application
