Home equity loan

Large expenses, like tuition, medical bills or home improvement projects can really put a strain on your savings and cash flow. With a home equity loan, you can leverage the value of your home to help cover these costs and more, without modifying your existing mortgage.

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Understanding equity

The equity in your home is the value of your home less any outstanding loans owed against it. A home equity loan allows you to borrow up to 80% of the value of your home.

Example:

If your home is valued at $100,000 you may borrow up to 80% of its value or $80,000. If you already have a home loan of $55,000 you would have $25,000 in equity that you may be able to borrow.

$80,000 - $55,000 = $25,000

Use it thoughtfully

Use your hard-earned equity to improve your financial health

A home equity loan can be a great option if your home is worth more than you owe and you have a need for the funds. 

Use it how you need it

Unlike a home improvement loan, which must be paid directly to the contractor working on your house, you can use a home equity loan however you need to. This flexibility can make a big difference when large, unexpected purchases come up without the savings stored away.

Fixed rates and early payoff

We have competitive fixed rates on our home equity loans, so you can plan confidently, knowing exactly what your payment will be. We don’t charge early-payoff penalties, empowering you to pay down your loan faster, reducing stress and long-term interest costs.

Quick decisions

When large purchases pop up unexpectedly, you need a decision fast. Our application takes less than an hour, and you’ll get a decision quickly—often within one business day. We fund our loans in 15 to 30 days on average (sometimes faster).

FAQ

Home equity frequently asked questions

Take a look at the most common questions we get about our home equity loan. If you have more general questions, or you’re looking for support options, check out our support center.

See more FAQs in our support center

How do I make a payment on my home loan?

Home loan payments can be made in the following ways:

• Online through digital banking
• Recurring payments
• By mail
• Over the phone ($10 may apply)
• In person at a Credit Human location or ITM

See more FAQs for details specific to your loan type.

What is PMI?

PMI stands for Private Mortgage Insurance. It’s a type of insurance that protects the lender—not the borrower—if you stop making payments on your mortgage. Traditionally, PMI is required on loans with a down payment of less than 20%, but with SlackBuilder Home Loan, Credit Human does not require PMI, which lets more of your monthly mortgage payment go toward your principle, helping you build equity faster.