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HOME EQUITY LOAN

Life is full of surprises.

Use your home’s equity for whatever comes your way.

Questions? We can help.

What is a Home Equity Loan, and how can I use it?

A Home Equity Loan allows you to borrow a specific amount of money, which you receive all at once. It also provides a fixed rate, locking in your monthly payment.

Wondering what you can use it for? Here are just a few examples.

Home Improvements

From a kitchen or bath remodel to a new roof or driveway, turn your dream home into a reality.

Debt Consolidation

Clean up debt by consolidating it into one payment, often with a lower interest rate.

Consistent Payment

While your expenses might be unexpected, your rate and monthly payment don’t have to be.

Have something else in mind? Book a call with one of our expert lenders to discuss your options. Then, complete our simple application process in just a few minutes. In most cases, a home appraisal is not required.

Book a callApply for a Home Equity Loan

Today’s Home Equity Loan rates

Home Equity Rates
Term‍1RateAPRPayment per $50,000‍1
5 years7.14%7.56%$993.37 / mo
10 years8.14%8.37%$610.34 / mo
15 years9.24%9.41%$514.30 / mo
Rates accurate as of 06/22/2024
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Calculators

Home Equity Loan requirements

Location

You can get a Connexus Home Equity Loan on eligible properties throughout the United States, except those in Hawaii, Alaska, Maryland, and Texas.

Property

You can use a Home Equity Loan for eligible properties owned for at least 6 months, including primary residences and second homes (if the second home is at least 50 miles from the primary residence). Investment properties are not eligible.
For additional details, see our FAQs

Financial Health

Our lenders will review your credit circumstances, including your debt-to-income ratio.
What is my debt-to-income ratio?

Loan Qualifications

To be considered for a Home Equity Loan, you must have at least 10% equity in your home. Qualified applicants may borrow up to 90% of their home’s value.
Questions about your eligibility? Book a call

Not sure if a Home Equity Loan is right for you?

We also offer a Home Equity Line of Credit (HELOC). Visit our HELOC page to learn more about this option. Then, decide which one is best for you and apply today.

Difference Between Home Equity Products
Home Equity LoanHELOC
Fixed Interest Rate and PaymentX
Variable Interest RateX
Withdraw Money as You Need ItX
Receive All the Money at OnceX
Pay Interest Only on the Amount You AdvanceX
Interest-Only Payment OptionX
Debt ProtectionXX
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Questions? We can help.

Questions about whether a HELOC or Home Equity Loan is right for you? Book a call with one of our expert lenders to discuss your options.

Learn more about Home Equity Loans

The Differences Between Home Equity Products

Find out the differences between Home Equity Loans and Lines of Credit, and discover what they’re commonly used for.

Home Equity 101: Everything You Need to Know

How much do you know about home equity? We’ll break down the key factors, so you can make the most of this resource whenever you need it.

Cash-Out Refinance vs. Home Equity Loan: What’s The Better Option for You?

Two common ways that homeowners turn equity into money are a Home Equity Loan or a cash-out refinance. This blog will cover the basics of these two options and help you determine which is right for you.

FAQs: You asked. We answered.

How much equity do I need in my home to get started?

To be considered for a Home Equity Loan, you must have at least 10% equity in your home. Qualified applicants may borrow up to 90% of their home’s value. Questions about your eligibility? Book a call with one of our expert lenders.

I don’t know which Home Equity product is best for me. How do I choose?

If you’re unsure which product is right for you, our team can provide a personalized recommendation based on your financial situation. Call 800.845.5025 to get started.

Can I get a Home Equity Loan or HELOC for my second home or one of my investment properties?

We do not offer Home Equity Loans for investment properties; however, you can get a Home Equity Loan for a second home if the property meets our eligibility standards. Eligible property types include primary residences and second homes (located at least 50 miles from the primary residence) owned for at least 6 months. Properties must be one of the following: single-family homes, 2-4-unit condominiums, owner-occupied duplexes, or townhouses.

Can I protect myself with Life, Disability, and Unemployment coverages on my loan?

Yes, debt protection is available for all Home Equity Loans and Lines of Credit. See more info about our coverages or start a claim now.