Home Equity Loan
Home renovations, dream vacations, emergency expenses — tap into your home’s equity to cover large projects or one-time expenses.
A home equity loan is a way to draw on money using your home as collateral. Essentially, it’s a second mortgage on your house that gives you a lump sum of money to use. With a home equity loan you use your home as collateral and received a fixed rate with predictable payments.
Advantages of a Home Equity Loan*
Lower interest rates than other common loan options
Fixed rates with predictable payments
One of the best loan options for large sums of money
Great for large projects that you’ll complete at once (such as a bathroom renovation)
*Rates may vary based on individual creditworthiness, term of loan and underwriting factors. Subject to credit approval. Minimum loan amounts may vary. Programs, rates, terms and conditions are subject to change without notice. Inquire at Centris for complete terms and conditions at (800) 334-2328.
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Current Rates
Home Equity Loans
91-100% Loan-to-Value Financing
| Term | Fixed APR |
|---|---|
| 48-72 Months | As low as 11.74%* |
| 73-120 Months | As low as 12.74%* |
81-90% Loan-to-Value Financing
| Term | Fixed APR |
|---|---|
| 48-72 Months | As low as 9.24%* |
| 73-120 Months | As low as 9.75%* |
0-80% Loan-to-Value Financing
| Term | Fixed APR |
|---|---|
| 48-72 Months | As low as 8.00%* |
| 73-120 Months | As low as 8.50%* |
Home Equity Loan Frequently Asked Questions
What is a Home Equity Loan?
A home equity loan is essentially a second mortgage on your house. You are only able to borrow a portion of your home’s equity, typically up to 90%. You borrow a specific amount against the value of your home, using your home as collateral, and you receive a lump sum of money to use for things like debt consolidation, home renovations, dream vacations or emergency expenses.
How does a Home Equity Loan work?
With a home equity loan, you borrow a specific amount of money against the value of your home and receive a lump sum of money. You then make monthly payments during a fixed repayment period.
How do I get a Home Equity Loan?
For a home equity loan, you must use your primary residence and it has to be located within a 50-mile radius of a Centris branch or within one of the counties that we serve. You can apply online for a home equity loan to start the application process or you can book an appointment to meet with one of our experts who can walk you through the process and make sure a home equity loan is the best option for you and your financial journey.
What is the interest rate on a Home Equity Loan today?
On a home equity loan, the interest rate is fixed, meaning it won’t change during the term of your loan. Find out what our home equity loan rates are today.
Is Home Equity Loan interest tax deductible?
If you are using the funds from your home equity loan on the home that serves as collateral, you may be able to deduct the interest of the loan on your taxes. When it comes to your taxes and determining what’s deductible, you’ll want to consult with your tax advisor or a tax professional.
Is a Home Equity Loan a second mortgage?
A home equity loan is often referred to as a second mortgage because it’s similar to your original home mortgage loan in that you’re using your home as collateral and making monthly payments on the loan during a fixed repayment period.
How long is a Home Equity Loan term?
The term of a home equity loan can vary depending on the financial institution you work with. At Centris, we have options for longer terms (72, 120, 180 months), which gives our members a lower monthly payment. Schedule an appointment with one of our experts to help you find the loan term that best suits your financial needs.
How much can I borrow on a Home Equity Loan?
If you are approved for a home equity loan, you can borrow up to 90% of your home’s equity. Equity is the difference between what you currently owe on your mortgage loan and your home’s current market value.
What can I use a Home Equity Loan for?
You can use a home equity loan to help pay for things like home improvements, consolidating debt, buying a car or paying educational or medical expenses.
Does Home Equity Loan affect your credit?
Depending on how you manage it, a home equity loan can have an impact on your credit score. A larger home equity loan can increase the amount of credit used, which may make it harder to qualify for other loans in the near future due to the debt-to-income ratio. However, long-term, if you make regular monthly payments on your home equity loan, you may strengthen your credit by showing that you can responsibly handle long-term debt.