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Compare Home Equity Loans

  Home Equity Line of Credit Home Equity Loan Home Improvement Loan - Unsecured Home Improvement Loan - Secured
What It Is

Borrow funds using the equity in your home

Borrow funds using the equity in your home Borrow money without using collateral Borrow money by pledging an asset (your home) as collateral
Key Benefits

Lowest home equity rate

Fixed monthly payments

Easy access to funds

Can be easier to get if you need to rebuild credit

Access to larger funds

A Good Option If You

Want flexibility to draw funds only when needed

Want money up front in a lump sum single payout

Want predictable monthly payments that stay the same

Need funds specifically for a home improvement project

Have a high credit rating

You need funds specifically for a home improvement project

Have lower equity in your home

Can Use It For

Unexpected emergencies

Home improvements

A new car 

Tuition

That big vacation

A second home

Medical bills

Debt consolidation

Unexpected emergencies

Home improvements

A new car 

Tuition

That big vacation

A second home

Medical bills

Debt consolidation

Home improvements

Home improvements

APR

Intro APR for 6 months: As low as 1.99%

Variable APR after 6-month intro period: As low as 4.75%1

10 Year Fixed: 5.976%2

15 year Fixed: 6.189%2

Fixed rate, terms vary: 6.230%3

10 Year Fixed: 7.661%3

15 Year Fixed: 8.366%3

Closing Costs None Typically between $538 to $641 $140 processing fee Typically between $500 to $1,200
No Prepayment Penalties
No Annual Fee
Available Amounts Up to $25,000 Up to $250,000 (up to 133% of current value of your home)
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  1. 1 Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. Home Equity Line of Credit: The Introductory Annual Percentage Rate (APR) of 1.99% is for new home equity lines of credit only and is for the first six months. To receive the Introductory rate, a draw of at least $5,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. Rates vary depending upon credit history, combined loan-to-value (CLTV), and occupancy. The stated rate, correct as of 10/31/19, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will pay flood determination fee, title search, and simple valuation. You may be required to pay other costs such as recording fees, taxes, and when required, appraisal fees. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.
  2. 2 Payments shown do not include taxes and insurance premiums. Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. Annual Percentage Rates (APR), effective September 25, 2019, and example monthly payments are calculated using loan amounts of $50,000, a credit score of 730 or greater and combined loan-to-value of 80% for a single-family residence and estimated closing costs of $538 for the 10-year and $641 for the 15-year. A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.
  3. 3 Unsecured Fixed Rate Home Improvement Loan: Rate effective as of September 25, 2019, and subject to change without notice. Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. A $140 processing fee applies to all Fixed-Rate Unsecured Home Improvement Loan applications. APR calculation and example monthly payments based on loan amount of $25,000, FICO® score of 730 or greater, and term of 60 months. Rate includes 0.25% deduction for automated payments. Additional conditions may apply. Subject to credit approval. Maximum Loan Amount of $25,000. Secured Home Improvement Closed-End Loan: Annual Percentage Rate (APR). Combined Loan to Value 101% to 133%. Maximum Loan Amount of $250,000. APRs above are calculated using loan amounts of $50,000, credit score of 710 or greater and loan to value of greater than 100% for a single-family residence. Closing Costs: A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. The actual closing costs generally range between $500 to $1,200, depending on the location of the property, the amount of the loan and other factors. Example Monthly Payments: Are figured on loan amounts of $50,000 and do not include hazard insurance, property taxes, or flood insurance. Your actual payment may be higher. Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Tax Deductibility: Elements Financial does not offer tax advice. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.