Home Equity Loans
Flexible options to tap into your equity
- Rate Protection: Keep your current low mortgage rate while accessing cash through a separate, fixed-rate loan.
- Lower Costs: Avoid the high closing fees of a full refinance with a faster equity payout.
- Predictable Payments: Get a one-time lump sum with a stable monthly payment that never changes.
- Speed to Fund: Skip the hurdles other forms of lending require and get your money in a fraction of the time.
What are the Benefits of Home Equity Loans?
Lower interest rates
Lower interest rates than credit cards or personal loans.
Fixed monthly payments
Fixed monthly payments for predictable budgeting.
Pay for significant expenses
Access a large lump sum for significant expenses.
Tax benefits
Potential tax benefits (Consult a tax advisor for details.)
Current mortgage remains the same
Your current mortgage remains the same.
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Check your eligibility
See if you meet the basic requirements for a home equity loan.
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Apply online or speak to an expert
Choose the application method that suits you best. Our team is ready to guide you.
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Get a valuation and approval
We'll assess your home's value and finalize your loan approval.
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Receive funds directly into your account
Once approved, the funds will be deposited for you to use.
Why Onity for Home Equity Loans?
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At Onity, we understand that your home is more than just a place to live – it's a valuable asset. We're here to help you leverage its equity to achieve your financial goals. Here's why choosing Onity for your home equity loan is a smart decision:
- Competitive Low Rates: We offer attractive interest rates on our home equity loans, potentially saving you significant money compared to other borrowing options.
- Expert Guidance: Our experienced loan specialists provide you with personalized support throughout the entire process. We'll answer your questions and help you find the best loan solution for your needs.
- Simplified Process: We've designed a simple and efficient application and approval process to get you the funds you need quickly.
- Flexible Loan Amounts: Access the substantial funds you need for those important projects or financial needs.
Advantage of Home Equity Loans (HELoans)
One-Time Disbursement
Receive a one-time cash payout in the amount approved to use as needed.
Competitive Rates
Explore lower rate options than other forms of lending.
Fixed-Rate Loans
Enjoy the predictability of a fixed-rate that won't adjust.
Lower Fees
Home Equity Loans typically come with less fees and costs than a primary mortgage.
In addition to Home Equity Loans, we offer Home Equity Line of Credit options. Benefits of HELOC include
- Revolving Credit- As you repay the borrowed amount, the credit becomes available again
- Flexibility- Access funds as needed up to your approved limit
- Interest On What you Use- You only pay interest on the amount you actually use
- Variable Rates- Variable rates can result in lower initial payments
If your goal is to access funds without altering your current mortgage terms, a HELOC or HELoan may be right for you. Call 1-877-319-0577 to review your options.
Home Equity Loan FAQ
A home equity loan lets you borrow against the value you have built up in your home. You receive a one-time lump sum and repay it through fixed monthly payments at a set interest rate. Your current mortgage stays exactly as it is. It is a straightforward way to access cash without refinancing.
Home equity loans are commonly used for home renovations, education expenses, and debt consolidation. Because you receive the full amount upfront and rates are typically lower than credit cards or personal loans, it is a cost effective option for covering significant expenses.
A home equity loan gives you a one-time lump sum with a fixed rate and predictable monthly payments that never change. A HELOC works more like a revolving line of credit where you draw funds as needed, pay interest only on what you use, and access the credit again as you repay it. The right choice depends on whether you need a set amount all at once or ongoing flexibility.
No. One of the biggest advantages of a home equity loan is that your existing mortgage remains completely unchanged. You keep your current rate and terms while accessing a separate loan backed by your equity.
Refinancing replaces your existing mortgage with a new one. A home equity loan is a separate loan on top of your current mortgage. This means you can tap into your equity and get cash without giving up the rate you already have, and typically with lower closing costs and a faster path to funding.
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