With a home equity loan, you can put it on the house.
Looking for a home equity loan? Need to consolidate your debts or cover a big expense? Empeople has loan options to help you lower your monthly mortgage payment or take out a home equity line of credit and benefit from the appraised value of your house. Leverage your current mortgage with one of our Home Equity loan options and feel confident in your decisions with step-by-step guidance from an experienced Empeople Loan Advisor.
EZ Equity
A fixed rate loan option.
Need a one-time lump sum for a major purchase, but don’t want to renegotiate your existing mortgage? Use the available equity of your home to secure an EZ Equity second mortgage and enjoy the security of a fixed-rate loan and steady payments. EZ Equity lets you keep your first mortgage and pay no penalty for prepayment, keeping your costs low with no additional mortgage insurance.
EZ Equity Benefits
- Fixed-rate loan means stable monthly payments without market rate fluctuations
- Repayment up to 10 years
- No additional mortgage insurance costs
- No prepayment penalty
EZ Equity Challenges
- Lower market rate fluctuations are unavailable
- Additional loan draw is not available with the convenience of a fixed payment
- Secured by your home
Talk to an Expert
Home Equity Line of Credit
A line of credit when you need it.
Your home equity is the difference between the appraised value of your home and your current mortgage balance. The more equity you have, the more financing options may be available to you. If you have built up significant equity, you may be able to borrow a portion of it using a Home Equity Line of Credit (HELOC). A HELOC lets you withdraw from your available line of credit as needed during your draw period.
HELOC Benefits
- Interest-only payments for 120 months
- Month 121 converts to a fully amortizing 180-month loan
- A line of credit gives you access to cash over a period of time
- Quick access to your funds
- Funds can be used for most purposes
HELOC Challenges
- Rates are adjustable, so they may rise over time
- Secured by your home
Talk to an Expert
Cash Out Refinance
Refinance and get cash.
Refinancing can potentially lower your monthly payment, pay off your mortgage faster or get cash out for a big project you’ve been planning. Cash-out refinance gives you a lump sum when you close your refinance loan, and the proceeds are first used to pay off your existing mortgage(s), including closing costs and any prepaid items (for example real estate taxes or homeowners insurance); any remaining funds are yours to use as you wish.
Cash Out Refinance Benefits
- Take advantage of lower rates or switch from an ARM to a fixed-rate loan
- Cover an ARM balloon payment with a lump sum
- All your mortgage finances in one loan
- Maximizes your monthly savings
Cash Out Refinance Challenges
- Monthly payments increase because you are borrowing more
- New mortgage replaces your old loan with new terms and amortization schedule
- Secured by your home
Talk to an Expert
Recommended Reading
How to negotiate at the car dealership
Buying a car is one of the biggest financial decisions most people make. Yet, many car buyers walk into the dealership unprepared to negotiate the price. With a little preparation and a solid understanding of the car-buying process, you can walk away with a good deal. Here’s how to confidently negotiate at the car […]
How to financially prepare for a baby in five simple steps
Starting a family is an exciting milestone, filled with both celebration and extensive preparation. Amidst decorating a nursery and planning a baby shower, it’s easy to overlook the crucial step of financially preparing for your new baby. As lackluster as this step may seem, it’s an imperative one. After all, according to recent data, the […]
Prepare for unexpected expenses in your first year of homeownership
Becoming a homeowner is a significant and exciting financial milestone, marking the start of a new chapter in your life. Along with the joys of homeownership comes the responsibility of managing the costs associated with maintaining your home and ensuring its long-term value. A key aspect of managing your finances as a new homeowner is […]
Why future planning is important, and where to start
According to recent reports from a senior living referral service, Caring.com, 67 percent of Americans die without a valid estate plan, meaning that their assets, and end-of-life wishes, are distributed and upheld according to intestate succession laws. These laws establish the order of distribution of one’s assets – first to a surviving spouse or children, […]
