Turn the equity in your home into cash
Home Equity Loans
So many ways to use your equity
If you have equity in your home, use it to make a variety of improvements—not just around the house.
Interest rates on home equity loans and lines of credit are typically lower than a standard credit card, which can help you save money over time. They may also offer potential tax advantages on interest paid.¹
A home equity loan or HELOC can be used for:
- Home renovations
- Yard improvements
- Debt consolidation
- Educational costs
- Medical expenses
Home equity options
Choose from Mountain America’s three convenient home financing options.Home equity line of credit
Looking for a convenient revolving source of funds, similar to a credit card? Our HELOC is an outstanding option.
- Borrow, repay and borrow again without reapplying.
- This line of credit comes with a variable APR.²
- Interest-only options are available during the 10-year draw period.
- Receive up to 85% combined loan-to-value financing.³
- Typically, pay no fees or closing costs on loans under $400,000.³
Home equity loan (second mortgage)
Interested in a fixed monthly payment but don’t want to refinance an existing first mortgage? A home equity loan (second mortgage) might be a great choice.
- This loan does not replace your existing mortgage.
- Borrow a lump sum and enjoy a fixed payment.
- Get a fixed term and rate.
- Receive up to 85% combined loan-to-value financing.³
- Typically, pay no fees or closing costs on loans under $400,000.³
Home equity loan
(first mortgage)
If you want to refinance an existing first mortgage to a shorter term, this type of home equity loan is an excellent option. Investment properties are also eligible.
- This loan replaces your existing mortgage.
- Make only one monthly payment.
- Get a fixed term and rate.
- Receive up to 85% combined loan-to-value financing.³
- Typically, pay no fees or closing costs on loans under $400,000.³
Today's loan rates
Last updated
Home equity loans (first mortgage)
Fixed rate
10-year
N/A
Fixed rate
12-year
N/A
Fixed rate
15-year
N/A
Home equity loans (second mortgage)
Fixed rate
10-year
N/A
Fixed rate
12-year
N/A
Fixed rate
15-year
N/A
Home equity lines of credit
HELOC
Variable APR‡ as low as%
Home Equity FAQs
How does a home equity loan (second mortgage) work?
A home equity loan (second mortgage) is a fixed-term loan that borrows from the equity in your home. The funds come in a lump sum, which makes this loan ideal for major expenses. Rates are often lower than personal loan rates, so this loan is also useful for debt consolidation.
How does a home equity line of credit work?
A home equity line of credit (HELOC) is an open-ended credit line, similar to a credit card, that uses the equity in your home as collateral. With a HELOC, you can borrow, repay and borrow as much as needed, which works well for ongoing expenses. HELOC interest rates are typically lower than credit card rates, which also makes a HELOC an excellent tool for consolidating debt.
How does a home equity loan (first mortgage) work?
Use the equity in your home to refinance an existing mortgage with a home equity loan (first mortgage). This becomes your first mortgage. The benefit of this approach—instead of a traditional refinance—is you typically don’t need to pay closing costs.
Since a home equity loan (first mortgage) does not include an escrow account, you will need to set aside funds for property taxes.
Additional resources
Mortgage Refinance
Lower your monthly payment, tap into your home's equity or change the loan terms by refinancing your mortgage.
Home Equity Tips
Millennials, Gen Xers and boomers—Get home equity advice that's tailored to your generation.
2. The Variable Annual Percentage Rate (APR) is based on the Prime Rate, and will range from % APR to 18.00% APR based creditworthiness. 1% foreign transaction fee.
3. Minimum loan amount $12,000. Some conditions or restrictions may apply. Some fees may apply that can range from $10 to $5,000. Rates subject to change. Property Insurance is required. Actual APR based on creditworthiness. For loans secured by a first lien, payments do not include taxes and insurance and the actual payment obligation will be greater. No annual maintenance fee.View dispute and mortgage servicing contact information
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