In need of immediate funds? Want to consolidate previous debts to a lower interest rate? If you’re a house owner, you can now take advantage of the soaring home prices and pull cash out straight from your residence through the help of home equity loans.
Specifically, under this program, a person can use the equity of his or her home as collateral to borrow certain amount of money.
Below is a round up of everything you need to know about best offers. Read on to know if you qualify for each one and how you can apply. Here they are.
Best Home Equity Loans in the US in 2020
Today, there is a variety of home equity loans being offered. To help you find the right choice, here is a rundown of the best home equity loans in the U.S.
Citibank Fixed Rate Home Equity Loans
If you’re the type who is more comfortable with having consistent monthly payment, Citibank’s Fixed Rate Home Equity Loans might be the best bet for you. As the name suggests, these loans provide you with fixed amount of money that is repayable over a fixed period of time.
Specifically, under this program, interested borrowers can choose from a range of fixed-rate mortgages that come with a minimum of 5 to a maximum of 30 years repayment options. In particular, repayments can be made over 5, 10, 15, 20, 25, or 30 years, and require equal monthly Principal and Interest payments.
The Annual Percentage Rate that applies may be as low as 6.59% APRA P R or as high as 8.54% APRA P R.
To be eligible, interested applicants are subject to credit approval. You may apply for Citibank’s Fixed Rate Home Equity Loans by visiting Citibank official site. From its Home page, choose “Lending,” select “Home Equity,” and click “Apply Online.”
Connexus Home Equity Loan
If you’re a first-time home buyer, turning to Connexus Home Equity Loan can promise you the best loan experience.
Specifically, under this program, you’ll get the chance to borrow up to 90% of your home’s equity and obtain all the money at signing. On top of that, you can even take advantage of the lender’s low equity loan rates that can score as low as 3.74%.
Under Connexus’ fixed rate loans, customers can avail repayment plans that can range from 60 to 240 months. Minimum payment also depends on loan details.
To be eligible, Connexus requires that you must have at least an 80% Loan-to-Value ratio after the loan, meaning you must have made enough payments on your home to own at least 20% of it.
You can start your application by visiting Connexus’ website. Select “Borrow,” choose “Home Equity Loans & HELOC,” and click “Apply Now.”
The Bottom Line
Have any of these loans caught your interest? Take advantage of the soaring home prices. If you’re a house owner, you can now maximize your property to get the financing you need.
To know more, feel free to contact any of these lenders today.
Note: There are risks involved when applying for a loan. Please see Citibank's and Connexus' terms and conditions page for more information.
