Add 'Home Equity Loans'

Home-Equity-Loans.md

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+<br>Funding your dreams starts at home<br>
+<br>- Overview
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+<br>- Home [Equity Lines](https://www.welcometotangercity.com) of Credit
+- Home Equity Loans<br>
+<br>Unlock the potential of your home's built-up equity<br>
+<br>You've invested a lot of equity in your home over the years. A home equity loan can help you tap into this value and use it to [achieve](https://residore.com) your goals.<br>
+<br>Access to funds you need<br>
+<br>[Lump-sum funds](https://ubiroo.com) are available for specific needs.<br>
+<br>No surprises<br>
+<br>Fixed monthly payments make for predictable monthly budgets.<br>
+<br>Flexible terms<br>
+<br>Home equity loan terms are available from 5 to 15 years.<br>
+<br>Let us help you make the most of your home's equity<br>
+<br>Rates as low as
+6.25% APRD<br>
+<br>For a backyard pool<br>
+<br>For home renovations<br>
+<br>How can I use my home equity?
+Get quick, easy access to the funds you need<br>
+<br>For a large purchase<br>
+<br>Equity Loan Benefits
+Let your home fuel your goals<br>
+<br>Transform your home's equity into funds that help you achieve your goals.<br>
+<br>- Rates may be lower than a personal loan
+<br>- Interest may be tax deductibleD
+<br>- Borrow up to 89.99% of your home's equity
+<br>- Get flexible terms and fixed payments
+<br>
+Loan-to-value calculator
+Determine your home's equity<br>
+<br>Use this calculator to [estimate](https://pms-servicedapartments.com) how much you have available based on your home's loan-to-value ratio.<br>
+<br>How to get started<br>
+<br>If you're unsure how to open a home equity loan, don't worry. First Citizens is here to guide you and make each step as simple as possible.<br>
+<br>Step 1
+Submit your application<br>
+<br>The first step toward opening a home equity loan is starting a conversation with one of our expert bankers and submitting an application for pre-approval.<br>
+<br>Step 2
+Underwriting and appraisal<br>
+<br>Once you've submitted your application, we'll work with you to gather and review important documents. This can include a credit report, personal financial information and a home appraisal.<br>
+<br>Step 3
+Get final approval<br>
+<br>In this phase, an underwriter reviews all documentation to complete final approval. Your banker will communicate final approval to you.<br>
+<br>Step 4
+Prepare for closing<br>
+<br>Before closing, we'll contact you to discuss and review your loan approval. You'll review disclosures, discuss expected fees, provide any additional documentation needed and verify the closing date.<br>
+<br>Step 5
+Closing<br>
+<br>Finally, you'll sign documents to officially open your home equity loan.<br>
+<br>FAQ
+People often ask us<br>
+<br>Here are a few key differences between a home equity loan and a line of credit.<br>
+<br>Interest rate: Home equity loans offer a fixed rate for the life of the loan or with a balloon payment dependent upon the loan term. Home equity lines of credit, or HELOCs, typically offer a variable interest rate option, although you can choose to fix a portion or all of the variable balance.
+<br>Access to funds: A home equity loan provides you the money in an upfront lump sum and you repay over a [defined period](https://asiaeproperty.com) of time. On the other hand, a HELOC gives you ongoing access to your available credit. As you repay the balance during the draw period, those funds are made available for you to use again.
+<br>Payment options: Most often, a home equity loan will have fixed payments for the entire term of the loan, while a HELOC offers flexible payment options based on the current balance of the loan during the draw period.
+<br>
+Your home's equity can be calculated by subtracting any outstanding mortgage balance(s) from the market value of the property. For example, if the appraised value of your home is $250,000 and the principal balance remaining on your mortgage is $150,000, then your home equity is $100,000. This is the portion of your home that you own.<br>
+<br>Lenders typically set a maximum loan-to-value, or LTV, ratio limit for how much they'll allow customers to borrow in a home equity loan or home equity line of credit. To calculate how much, you must know these three things:<br>
+<br>- Your home's value
+<br>- All outstanding mortgages on the property
+<br>- Your lender's maximum LTV limit
+<br>
+Simply multiply the home's value by the lender's maximum LTV limit and then subtract the outstanding mortgage amount. For reference, First Citizens sets a maximum LTV limit of 89.99% for home equity loans and home equity lines of credit.<br>
+<br>To qualify for a home loan, you'll need to complete an application with the following information:<br>
+<br>- Name
+<br>- Property address
+<br>- Photo ID (driver license or passport)
+<br>[- Employment](https://www.thearizonaluxuryhomes.com) and income information
+<br>- Amount you wish to borrow
+<br>
+We'll review your credit application in accordance with our normal credit approval processes.<br>
+<br>You should be able to access your home equity account normally within 3 business days after your closing.<br>
+<br>Insights
+A few financial insights for your life<br>
+<br>Comparing loans for home improvement<br>
+<br>Pros and cons of home renovations<br>
+<br>Ensure a smooth home renovation with smart budgeting<br>
+<br>Annual Percentage Rate (APR) is 6.25% as of May 7, 2025, to qualifying applicants for a fixed-rate home equity loan amortized over 60 months. APR is based upon a rate of 5.94%, an origination fee of 0.75%, closing costs of $150 and a loan-to-value up to 85%.<br>
+<br>For example: A home equity loan with an amount financed of $100,000 at a 5.94% fixed rate and including a 0.75% origination fee and $150 in closing costs would have an APR of 6.25%, and you would make 60 payments of $1,930 and pay total interest of $15,829.<br>
+<br>Consult your tax advisor regarding the deductibility of interest.<br>
+<br>Credit and collateral subject to approval. Rates, terms and conditions are subject to change at any time based on market conditions or other business factors.<br>[businessspecialistsnetwork.com](http://www.businessspecialistsnetwork.com/)
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