Skip to content

Home Equity Loans

Turn your homes’ equity into cash!

Key Features

% $
3.49% APR
Rates as low as 3.49% APR
Personalized Service
Tailored to your needs.
$5,000 to $250,000
Loans range from $5,000 to $250,000

 

How Home Equity Loans Work 

A home equity loan works like a second mortgage where you take out one lump sum of cash. That sum will be paid back monthly over a period of time at a fixed rate.

 

How to Use Home Equity Loans

Home Renovations
Consolidation
Education Costs Plus More
A home equity loan does not have to be used for home related improvements and expenses. It can be used for a variety of expenses and some people may even use it to pay off credit cards since home equity loans typically have a lower interest rate. In addition, a home equity loan may offer potential tax advantages for certain individuals.

How to Apply

At Freedom we make our online application process easy and convenient for you. Plus we offer in-house service for quick decision-making and efficient processing. If you have any questions along the way our personal bankers will be happy to answer any questions you may have in the process.
 

Frequently Asked Questions

What can I pay for with a home equity loan? 

Answer: Home equity loans can be used to pay for anything, however the most common ways to spend home equity are for home improvements, debt consolidation, college costs and emergency expenses

How much can I borrow?

Answer: Typically you can borrow up to 80% of your home’s value, minus your outstanding balance.

Is the interest tax deductible?

Answer: Depending on the use of the funds it could be.  Consult your tax advisor for specifics.  

Are there closing costs? 

Answer: Based on the loan amount typically there are not.  For loan amounts above $150,000 title insurance may be required

How long does it take to get my home equity loan?

Answer:  Typically as little as 3 weeks but the process can be tailored to your specific needs

What is the difference between a home equity loan and line of credit? ?

Answer: A home equity loan you receive a lump sum and have a fixed interest rate.  A home equity line of credit (HELOC) allows you to borrow as needed for 5 years from a predetermined maximum amount 

How long does the loan process take? ?

Answer: A home equity loan you receive a lump sum and have a fixed interest rate.  A home equity line of credit (HELOC) has a variable rate and allows you to borrow as needed for 5 years from a predetermined maximum amount

 

*Consult your tax advisor.