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Your home can help with your next chapter
Turn your equity into cold hard cash
Receive your funds in one lump sum ranging from $45,000 to $350,000
Lock in your current rate
A home equity loan is a different loan entirely – therefore your current mortgage and its interest rate will not change when you secure one
See what’s possible
Unlock your loan offer
Discover how much money you have in your home and how you can gain access to it
Smooth out the details
Read our complete guide to home equity loans to get better acquainted with the process
Apply in minutes
Start the process to obtain a home equity loan with our hassle-free application
Find your options
A Home Equity Loan and a Cash-Out Refinance are both popular. Determine which one will work better for you based on some key differences.
Term length
Mortgage payments
Link
Home Equity Loan
Term length
10 / 20-year term length2
Mortgage payments
2 separate mortgage payments
Cash-out refinance
Term length
8 – 30-year cash-out refinance2
Mortgage payments
Cash-out refinance
FAQ
If you have questions, we’re here to give you answers.
Simple. Home equity is the number you get when you take what you still owe on your home and subtract it from your home’s value.
In short: If your home is worth $150,000 and your mortgage balance is $100,000, your equity is $50,000.
As previously mentioned, you can find your equity by subtracting the amount you still owe on your mortgage from what you could realistically sell it for.
That said, it’s important that you keep in mind that you may not be able to utilize the full amount of your equity. That all depends on whether or not you’re required per the terms of your loan to leave a percentage of your equity in your home (often about 20% if applicable).
Need more help grasping your equity? Get in touch with us for a full-scale Mortgage Review®.
Here’s how obtaining a Home Equity Loan from Rebuild Detroit works:
- When you first reach out, you’ll be put in touch with a Home Loan Expert who’ll help you map out your goals and better understand if a Home Equity Loan is the best path forward for you.
- If it’s determined that you’re a good fit for a Home Equity Loan, one of the third-party appraisers we work with will be in touch to assess the value of your home.
- Once we know how much your home is worse, we will move forward on closing on your loan and you will receive your money in one lump-sum amount ranging anywhere from typically $45,000 upwards to $500,000.1
- From there, you’ll make your monthly payments at a fixed interest rate until your loan is fully paid off.
You’re likely a good fit for a home equity loan if you meet the following requirements:
- Your home has enough equity for you to be able to take out at least $45,000.
- Your maximum debt-to-income (DTI) ratio is 45% or less.
Possibly. Any time you open a new loan, your credit score could potentially drop a few points. However, it’s important to keep in mind that this will likely be temporary and that there’s a chance your score could even increase after opening the loan (considering your total available credit will rise).
Absolutely. Whether or not your mortgage is through us or an outside lender has no bearing on whether you can secure a Home Equity Loan with us.
The funds you obtain through a Home Equity Loan can be applied to virtualy any purpose, from home improvements and renovations to debt consolidating to paying for school tuition. How you use the money is entirely up to you.