What is a Home Equity Loan

A second mortgage or home equity loan is a loan that is taken out against the value of your home or in other words a loan in which you use the equity in your home as collateral. This can be determined by using any of the available mortgage calculators on the Internet or by subtracting your unpaid mortgage balance from your property’s current market value.

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Consider this example. If your home is worth $150,000 according to up-to-date market estimates and the balance on your mortgage is $75,000, then you have an additional $75,000 available as a home equity loan. You could potentially take out a home equity loan and use it to finance home improvements, college tuition, or other outstanding debts. The interest on home equity loans is often tax-deductible and could be a good choice depending on your unique situation.

Home equity loans commonly have certain restrictions to follow or require good to excellent credit ratings. Some rules could be withdrawing a minimum amount if you use checks attached to your credit line or a requirement such as a reasonable loan-to-value ratio.

Home equity loans are generally referred to as a second mortgage because they are similar to traditional mortgages and you secure the loan against the value of your property. Like first mortgage loans, you will receive funds upon closing and will make monthly payments until your home equity loan is paid off in full.

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Rates as of Thursday, July 24, 2008

Institution Rate % APR
eloan 5.875 5.911
indymac 5.875 6.033
wellsfargo 5.875 6.051

Mortgage Refinance

Discover how refinancing your mortgage with Citylight Financial can help you save. We'll consider your loan goals and help you make an informed decision about refinancing. Check our other resources for more information or head over to our free quote page to hear from lenders across the nation.

Home Equity

Citylight Financial can help you cash-in on the value of your home and help you achieve your financial goals. Apply now, it's quick, safe, and easy! Make an informed decision by learning more about home equity loans on one of our resource pages...

Loan Programs

At City Light Financial our loans are easy to qualify for and include competitive rates. We look at your personal situation and custom-design a loan that works for you. You can lower the total amount you pay out each month or you can even arrange to have extra cash. Here's what you can get with a City Light Financial loan: