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Home Equity Loan

A home equity loan may be the perfect solution if consolidating debt, starting a home renovation, or making a significant purchase is on your New Year's resolution list.

What is a Home Equity Fixed-Rate Loan?

A home equity installment loan is a type of loan that allows you to borrow a lump sum of money using your home's equity as collateral.  Home equity loans typically have fixed interest rates, meaning that your monthly payments will remain the same over the life of the loan, up to 30 years.

The amount you can borrow with a home equity loan is generally limited to a percentage of your home's equity, usually up to 80%.  Home equity loans are used for a variety of reasons, including debt consolidation to simplify monthly payments, home improvements, education expenses, and emergency expenses.

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What are the benefits of a home equity loan?

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Fixed terms

A home equity loan is worth considering if you have a large one-time expense, or if you want to consolidate debt and focus on paying it off. It offers fixed rates and terms with a steady repayment schedule for the life of the loan.

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Lower rates

Home equity loans typically have lower rates than other types of loans because the loan is secured by your home's equity making it a cost-effective way to borrow and pay off other high-interest debt. 

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Ease of application

The application process is simple and straightforward and you can apply at your convenience. Before you begin your application, it may be helpful to take a minute and review our home equity document checklist.

How long does it take to get a home equity loan?

Get started today

Complete a basic application.

Apply online in minutes, call 888-873-2640, or visit a Horizon Bank branch.

Work with an Advisor.

An experienced Horizon Loan Advisor is here to guide you through the process. 

Close on your loan.

Once your loan is approved your Loan Advisor will schedule your closing.

What can you use a home equity loan for?

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    Home Improvement

    For one-time home remodel projects, a home equity loan is a great option. Not only are you improving your home, but you’re also reinvesting the money back into your property.

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    Major Purchases

    A large one-time expense can be difficult to cover from savings alone. A home equity loan can be one of the most affordable ways to fund a large expense while sticking to a fixed amount.

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    Debt Consolidation

    If debt management has become a burden, a home equity loan may be the solution to help you consolidate payments from higher-interest rates for a  more manageable payment.

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    Education

    When student loans aren’t available or aren’t enough, a home equity loan can be another solution to help you fund higher education expenses.

 

 

Ready to apply for a home equity loan?

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    Apply online within minutes.
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    Visit a branch.
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    Speak to an advisor.

Get answers to your frequently asked questions about home equity loans.

Special Ways to Boost Equity with DIY Home Improvements

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Home equity is the difference between your home’s market value and what you still owe on it. Home equity loans can pay for major home renovations, college tuition, and more. One way to increase home equity is through home renovations that boost your home’s resale market value. But major renovations, like kitchen or bathroom remodels, can be quite expensive and can even increase property taxes. Below, we outline some do-it-yourself home improvements you can make this fall!

Paint the walls. While a bright red wall or decorative wallpaper can be fun, current homebuyers are drawn to neutral, lighter walls. Paint your walls cream, light gray, or another neutral color that lets potential homebuyers envision their lives there. Also, consider that homebuyers prefer specific colors for specific rooms.

Redo your ceiling. Say goodbye to the popcorn ceiling. These ceilings can be redone easily, even by beginners! A simple, smooth white ceiling can brighten your home and leave room for accent walls, furniture, and more for future buyers.

Install new hardware. Whether you’re looking for ornate or minimalist hardware, new handles and faucets can make a difference in the kitchen and bathroom. While installing new cabinets can be challenging, swapping out outdated hardware is relatively simple.

Paint the cabinets. Beginners can install new cabinets, but it’s even easier to paint your current ones. With a coat of paint and new hardware, your kitchen will look brand new – all on a budget.

DIY to Get a Home Equity Loan

If you’re making home improvements yourself, you likely have even more projects and renovations in mind. Start with these lower-cost DIY projects to build your home equity. Once you do, you can secure a home equity loan to fund bigger projects. Contact a Horizon Bank advisor today to learn more. 

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