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
|
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. |
Home Renovations
Education Costs
Plus MoreHow 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.