Consolidate Your Bills with a Home Equity Loan
With every payment you make on your mortgage, you’re contributing to the equity available in your home. Now it’s time to make that home equity work for you through a home equity loan. We have flexible options and a fixed rate to make sure that you’re confident that your home equity loan is right for your specific situation.
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Home Equity Loan Special Rates
| Special Home Equity Installment Loan First or Second Lien 10 or 15 Years | ||
| Term | APR as low as: | monthly payment/$1,000 |
| 10 Years | 5.99%1 | $11.10 |
| 15 Years | 5.99%1 | $8.43 |
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No closing costs or processing fees1 |
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What is a Home Equity Loan
A home equity loan is a way to borrow money from a bank, and your loan is secured by your home. Once you’re approved for your home equity loan, you’ll receive a lump sum in the amount you are borrowing. You’ll then make fixed monthly payments to the bank to pay back your home equity loan.
A home equity loan versus a home equity line of credit is a personal decision based on your financial situation. With a home equity loan, you receive the entire amount requested with a fixed rate term and payment. With a home equity line of credit, you have access to borrow a portion of the amount now or at any time during the term of your line. Your line will have a variable rate and you will only make payments on the amount you use (or “draw”) from your line.
Common uses of a Home Equity Loan
It’s always important to make sure that applying for a loan is the best option for your financial situation. While there are plenty of ways to use a home equity loan, here are some of the most common uses we see from our customers:
• Home Improvements – switch from “outdated” to “updated” by using your home equity to pay for major repairs or upgrades
• Consolidating Debt – oftentimes one of the most powerful tools on your financial journey is to consolidate debt into smaller, more affordable monthly payments. Because a home equity loan is secured by your home, rates are often much lower than a personal loan or credit card. Check out our debt consolidation calculator to run your numbers.
• Refinancing a Mortgage – interest rates have a consistent history of being inconsistent, which means your original mortgage rate could be higher than the rate you would pay if you refinance your mortgage into a home equity loan.
Home Equity Loan Rates & Features
- Available for loan amounts from $10,000 to $500,000 with a fixed rate, term and monthly payment
- Terms available from 5 to 20 years
- Borrow up to 80% of your home equity as a first or second lien
- Make additional payments to your principal without penalty
- Enjoy a rate discount when you select automatic payments from your Nation Choice Reserve checking account.
- Credit Life Insurance and Credit Disability Insurance are available for Pennsylvania and Ohio borrowers
Right@Home Installment Loan
The Right@Home home equity installment loan is a flexible lending option2 to help you put the equity in your home to good use.
- Available for loan amounts from $5,000 to $75,000 with a fixed rate, term and monthly payment
- Borrow up to 90% of your home equity as a first or second lien
- Rate discount with automatic payments from your Nation Choice Reserve checking account
Applying for a Home Equity Loan
You can apply for a home equity loan on your smartphone, tablet or laptop. We’re also available at 844.711.2265 to open over the phone, or contact a local office to schedule an appointment. Here’s what you’ll need when you apply for your home equity loan:
- Verification of income
- Annual property tax amounts
- Proof of adequate homeowners insurance coverage, and adequate flood insurance coverage, if applicable
If you've been told that you have bad credit, check out this resource before applying to see how your credit affects your financial life.
Getting Prepared with a Home Equity Loan Calculator
It’s important to make sure you’re borrowing at a rate you can comfortably afford. Because you’ll have a monthly payment with a home equity loan, our calculators can help you determine your monthly payment based on your rate and how much you need to borrow. Check out our How Much Will My Loan Payments Be calculator to learn more.
Home Equity Line of Credit
Looking for the flexibility to draw from your loan to access cash as you need it? Check out our Home Equity Line of Credit.
Request More Information Today
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1 Offer is based upon first and second lien loans of $25,000 to $500,000, a loan to value up to 80% on an owner-occupied primary residence, subject to credit approval, and cannot be a purchase money mortgage. Your actual Annual Percentage Rate (APR) may be higher based on a review of your credit application. In order to receive the offered rate, a minimum of $25,000 in new money and a direct debit of loan payment from a Nation Choice Reserve Bank checking account are required. Otherwise, your rate will be higher. Processing and Third Party fees ranging from $475 to $915 will be paid by Lender. Flood insurance is required where necessary on collateral property. If a deed transfer is necessary, title insurance and attorney’s fees may be required. Typical loan payment examples are as follows: if you borrow $25,000 secured by an owner-occupied home for 120 months at 5.99% APR, the monthly payment would be $277.43; or if you borrow $25,000 secured by an owner-occupied home for 180 months at 5.99% APR, the monthly payment would be $210.83. Taxes and property insurance are required on collateral property and the actual payment obligation may be greater. Consult your tax advisor about the deductibility of interest. Other rates and terms are available. Offer valid for applications June 1, 2023 through July 31, 2023. Offer subject to change or withdrawal at any time.
2 Property must be located in a low to moderate-income census tract areas as determined by the current year FFIEC map.