Make your home equity work harder for you
Why choose a fixed home equity loan?
A home equity loan allows you to use your home as collateral to borrow money for home improvements, large expenses, debt consolidation and more. Home equity loans often feature lower rates than other types of loans. Some other benefits include:
- Fixed rates and payments
- Repayment terms up to 15 years
- Borrow up to 90% of the property value
- Funds are disbursed in one lump sum
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Simply apply online and we'll be in touch to help you get the financing you need for your next project or expense.
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Home Equity Rates
| Home Equity Type | Term | APR* |
|---|
Home Equity Installment 1
(up to 80% property value) |
Up to 15 years |
5.740% - 7.375%** |
Home Equity Installment 2
(up to 90% property value) |
Up to 15 years |
6.375% - 8.750%** |
Home Equity Line of Credit 3
(up to 90% property value) |
Up to 25 years. 10-year draw period and up to 15-year repayment period. |
7.00% - 12.00% (variable rate) |
| No Equity Home Improvement Loan 4 |
Up to 60 months |
8.99% |
|
*APR = Annual Percentage Rate. Rates subject to change at any time.
**Actual rate based on applicant's payment and credit history. Additional appraisal fee may apply should one be needed.
1 Some housing exceptions may apply. Payment example: On a $20,000.00 loan with a 5 year term up to 80% property value at 5.740% APR, monthly payments would be $384.25. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000.
2 Some housing exceptions may apply. Payment example: On a $20,000.00 loan with a 5 year term up to 90% property value at 6.375% APR, monthly payments would be $390.16. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000.
3 Minimum Annual Percentage Rate (APR) Floor of 7.00%. Maximum APR is 12.00%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal. Required payments are calculated at 1% of the outstanding balance. Maximum loan amount is $350,000 with a 10-year draw period and up to 15-year repayment period. Minimum credit score of 660 is required. Properties must be owner-occupied. Eligible property types include SFD and Townhomes (up to 90%), and condos (up to 80%); Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. The consumer should consult a tax advisor for information regarding the deductibility of interest and charges.
4 Maximum loan amount is $25,000. A minimum credit score of 680 is required to obtain this loan. Offer is subject to normal credit qualifications. Payment Example: On a No Equity Home Improvement Loan with a term of 5 years at 8.99% APR, monthly payments would be $518.84 based on $25,000 borrowed.
|
Compare Home Equity Loans
| Features | Home Equity Line of Credit | Installment Loan |
|---|
| Description |
Line of credit that you draw on in Ideal Digital Banking, at a branch or by phone. |
Installment loan with a fixed term |
| Maximum Loan to Value1 |
Up to 90% |
Up to 90% |
| Maximum Loan Amount |
$350,000 |
$350,000 |
| Maximum Term |
Up to 25 years.10-year draw period and up to 15-year repayment period. |
Up to 15 years |
| Annual Percentage Rate |
Variable Rate2 |
Fixed Rate |
| Minimum Monthly Payment |
1% of the outstanding balance
|
Fixed amount, based on initial disbursement3 |
| Access to Funds |
Draw on funds right from within Ideal Digital Banking, at a branch or by phone. |
Funds are disbursed in one lump sum |
1. Some housing exceptions apply.
2. Minimum Annual Percentage Rate (APR) Floor of 4%/Max of 12%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal.
3. Payment example: On a $20,000.00 loan with a 5 year term up to 90% property value at 3.99% APR, monthly payments would be $368.25. Closing costs range from $500 to $2,000.
