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Home Equity Loans

Are you looking for a way to access your home’s equity without losing your current mortgage’s great rate? Home Equity Loans allow you to pull from your biggest investment without having to redo your current loan.

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Access Your Equity, Keep Your Rate

Your home value may be worth more than ever, but the price of everyday items is going up and up. Are you looking to beat inflation and access your equity? Taking cash out of likely your biggest investment shouldn’t cost you your great rate! A Second Mortgage allows you to pull the equity out of your home without having to give up your interest rate on your current first mortgage

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What is a Fixed Rate Equity Loan?

A Fixed Rate Equity Loan is a loan borrowers take out independent of their first mortgage. It is a second lien on your home, with its own interest rate and terms. Unlike a Home Equity Line of Credit (HELOC), Fixed Rate Equity Loans are paid in one disbursement. These loans are also sometimes referred to as Second Mortgages. You can take out a Fixed Rate Equity Loan to consolidate high-interest debt, pay for college tuition, fund a wedding, make home renovations, or any other needs!

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Fixed Rate Equity Loans with Newfi

Newfi’s second mortgage option offers a fixed rate on just the cash you take out, up to $250,000. Whether you’re looking to consolidate high-interest debts, renovate your home, or pay for life’s big events, Newfi has more ways to help you get the equity out of your home.

Frequently asked questions

What are the Requirements for a Fixed Rate Equity Loan?

With Newfi, the requirements for Fixed Rate Equity Loan are:

  • Borrow Up to 95% Combined LTV on Primary Residences
  • Borrow Up to 85% Combined LTV on Second Homes
  • 680 Minimum Credit Score
  • Up to 45% Debt to Income Ratio
  • Traditional or Self-Employment Allowed

What are the Benefits of a Fixed Rate Equity Loan?

  • Flexible Fixed-Rate Loan Terms
    • 5-, 10-, 15-, 20-, and 30-Year Loan terms available. There are also 30-Year Loan Terms due back in 5 or 15 years. Reach out to your Loan Officer to find out which one works for your situation!
  • Accessing Your Equity While Keeping Your Current Mortgage Rate
    • Because there could be more equity in your home than ever before, it’s a great time to take advantage of that passive equity and make it work for your current needs. With Fixed Rate Equity Loan, you take a second loan that will have its own interest rate. This means you get to keep your great rate on your first mortgage!
  • Increasing Your Cash Flow
    • With inflation on the rise, it’s more important than ever to create a steady and reliable cash flow. A Fixed Rate Equity Loan can help borrowers keep money in their pockets, pay off their debts, and be prepared for your landmark life moments!
  • Getting Rid of High Interest Debts
    • Fixed Rate Equity Loan have better interest rates than traditional credit cards, which can help reduce interest payments overtime and relieve stressful credit card payments

What’s the Difference Between a Fixed Rate Equity Loan and a HELOC?

A HELOC (Home Equity Line of Credit) is also a second lien you take out on your home, but it has a revolving line of credit. They work like credit cards, with the ability to borrow money at different points in time and only pay interest on what you use. 

Fixed Rate Equity Loans are different from HELOC’s because, instead of pulling a certain amount from your equity, you receive a lump-sum all at once. This means, if you were to take $150,000 out of the equity of your home, you would receive one payment of $150,000 and begin to pay interest on the full amount immediately.

Both HELOCs and Fixed Rate Equity Loans offer borrowers competitive interest rates that are considerably lower than those for credit cards. That’s why many people opt to use these mortgages to consolidate their debt or make big purchases with lower interest rates!

What is the First Step in Getting a Fixed Rate Equity Loan?

Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to newfi.com/get-started or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!

What are Current Rates for a Fixed Rate Equity Loan?

Your exact Fixed Rate Equity Loan rates depend on the equity in your home, the interest rate you qualify for and the term you select. Contact us to review your options and calculate your payment.