How to Get a Home Equity Loan

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Now, more than ever, money is tight for American families. Whether you're trying to finish a home remodel, send your child to college, need a medical procedure, or simply meet your monthly bills- a Home Equity Loan (HEL) may be the answer.

How to Get a Home Equity Loan:

First and foremost, it's imperative that you understand your options. A HEL uses the equity you have in your home as collateral to secure the loan. In other words, the bank has the right to seize possession of your home in the event that you default on the payments. It's important to note that a HEL is different than a Home Equity Line Of Credit (HELOC). A HELOC acts much like a credit card, meaning that you are allowed to spend the funds as you wish under a pre-determined limit. In most cases, there is a minimum monthly payment with the option to pay off as much as you like. A HEL provides the loan in a lump sum with fixed monthly payments to be repaid over a set period of time. With a HEL, you can also opt for a fixed interest rate or an adjustable rate that changes according to the prime rates.

Decide how much money you want to borrow. Keep in mind that you can only borrow the amount of equity you have in your home. For example, a $200,000 home with a $100,000 mortgage has $100,000 in equity. And, as with most types of loans, the amount that you can borrow depends on factors, including: income, debts, value of your home, and credit history.

The next step is the application process itself. Select the lender of your choice- check with the lender that your first mortgage is with. It's also a good idea to check with a multiple lender service. You'll need the following documentation: proof of income, proof of home ownership, proof that a minimum of 20 percent of your home is paid off. Most lenders will also require an appraisal to be completed.

Pending your signature on the terms and conditions contract, you will receive the amount of the loan in cash. Loan amounts commonly range anywhere from $100-$10,000 at an interest rate of 10%-17%.

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