Find answers to our Frequently Asked Questions.
Posted May 30, 2019

A common misconception is that you can only use money from a home equity loan on improving your home’s value, but you can use the funds for just about anything you’d like. A home equity loan allows you to borrow against the value of your home and use it as collateral – plus it often has better rates than a personal loan and can provide a larger amount of funds.

Here are three different ways you can use a home equity loan.

Renovate Your Home

Instead of only focusing on home improvements, use your loan to add things that make you happy. Add the backyard pool you’ve always wanted, make it more accessible for family members, or install efficient appliances.

Pay for a Wedding

Take some stress out of your big day by using a home equity loan to pay for your wedding. You can use the funds to budget ahead of time and decide what you need or pay for event after the fact.

You can also use it to cover multiple expenses, like rings, a honeymoon, or parties.

Go to School

Want to go back to school but don’t have the funds for a degree? Use your loan to continue your education. You might get a better rate than with a private student loan and can pay off your debt sooner.

You can also use it for your kid’s education and have better rates and payment options than student loans.

Consider a home equity loan for any life’s major events – not just home improvements. For a limited time, enjoy reduced fees* when you get a Home Equity Loan. Contact our Mortgage lending team if you have any questions or to apply.

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*Offer not applicable for mortgage purchase, loans over $250,000, or loans requiring private mortgage insurance (PMI). Borrower is responsible for prepaid closing costs; such as, additional prepaid interest, taxes, insurance, and flood, if applicable. If required by lender, fees for a survey or title insurance policy will be the responsibility of the borrower. If the applicant voluntarily requests an appraisal, the appraisal fee will be collected from the applicant upfront and is non-refundable. Other restrictions may apply. Offer is valid until 3.31.2020 and is subject to change at any time without notice. NMLS #405608.