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Home Equity Loans - Fixed Rate

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Fixed rate home equity loans have a fixed interest rate and a fixed monthly payment. When you obtain a fixed rate home equity loan, you will receive all of the money from the loan upfront in a lump sum. You may obtain a fixed rate home equity loan for the first time or do a home equity loan refinance.

Available Terms of Fixed Rate Home Equity Loans

We offer two types of fixed rate home equity loans; a 15 year fixed rate mortgage or a 30 year loan with a balloon payment due in 10 years.

Basic Terms of all Fixed Rate Home Equity Loan

Below is some of the common features of both types of fixed rate home equity loan programs.

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Advantages and Disadvantages of a Home Equity Loan

The 15 year fixed rate home equity loan's key benefit is that it is fully amortized with no balloon payment on a fixed rate. For some individual borrowers the higher monthly payment due to the shorter fully amortized term may be considered a slight disadvantage.

The 30 due in 10 fixed rate home equity loan offers a lower monthly payment due to the longer amortization period of 30 year but has a slight disadvantage of coming due within 10 years.

What Type of Fixed Rate Home Equity Loan Should You Apply For?

When you apply for a fixed rate home equity loan, our loan officers will assist you in determining the loan that best suits you needs. Below is some common scenario's that may help you initially get an idea of what type of loan will be best for you:

If you plan on living in your home for more than ten years and your are doing some home improvements or a debt consolidation which you wish to pay-off as quickly as possible a 15 year fixed rate home equity loan would best suit you.

If you plan on living in your home for less than ten years and you are simply getting cash-out from the equity of the home and you want to keep you monthly payments as low as possible, a 30 due in 10 fixed rate home equity loan would best suit your needs.

Get Your Free Home Equity Loan Approval.

Now that you understand the basic details of a fixed rate home equity loan, take a moment to get pre-approved using our secure home equity loan online application and get your answer within 90 seconds.

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If you are not sure if a fixed rate home equity loan best suits your needs, you may wish to review the information on the following types of home equity loans:

• Home Equity Credit Line Loans

• 125 % Home Equity Loans

• Second Mortgages

• Other Cash Out Refinance Mortgage Loans

• Bad Credit Loan Programs