how to get an equity loan on your house

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You must have a lot of equity in your home. Equity loans are second positions, meaning they are second to the primary mortgage. Lenders don’t want to get caught with second-position loans if the market values drop dramatically. If the price drops too much, the equity loan might not recover any funds in a foreclosure.

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See how to get the equity out of your home with three options, including. into a smaller home, a reverse mortgage and a home equity loan.

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Before you take money out of your home equity, look closely at how these loans work and understand the possible benefits and risks. A home equity loan is a lump-sum loan , which means you get all of the money at once and repay with a flat monthly installment that you can count on over the life of the loan, generally five to 15 years.

Unlike a home equity loan which is a second loan on the home, a cash out refinance moves your entire loan balance to a new lender. You can borrow up to 80% LTV. A cash-out refinance may also be easier to get with a low FICO score than a home-equity loan because the lender retains primary lien rights on your property.

This risk of foreclosure. Fail to repay, and your lender can take your house. Difficulty qualifying. You'll need stellar credit and plenty of equity to get a loan.

You can figure out how much equity you have in your home by subtracting the amount you owe on all loans secured by your house from its appraised value. For example, homeowner Caroline owes $140,000 on a mortgage for her home, which was recently appraised at $400,000.

There are several ways you can access equity in your home. Consider the following: home equity loan (also called a second mortgage). This is a second mortgage on your home. With this loan, you now have two mortgages on the house. Cash-out refinance (cash-out "refi"). You take out a new mortgage which is larger than your current one.

Depending on how much home equity you have, you can qualify for a large loan with a low interest rate, using your house as collateral. A home equity line of credit (HELOC) works more like a credit card. You are allowed to borrow up to a certain amount for the life of the loan-a time limit set by the lender.

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