Home Equity Loans & HELOCs

Put your equity to work and talk to a loan officer today.

What is home equity?

It’s the difference between the current value of your home and how much is still owed on your mortgage. You can borrow against the amount you own in your primary residence to help you pay for life’s big expenses. Tapping into your home’s equity can be a savvy way to secure low interest rates as you pay off the loan.

Home Equity Loan

Fixed rate as low as

6.00% APR

Home equity loans are an excellent choice for meeting a one-time financial need since the funds are disbursed in one lump sum. With a fixed rate, these loans give you predictability. You’ll know exactly how much each payment will be for the life of your loan.

  • Loan amounts between $25,000 and $250,000*
  • Terms up to 15 years
  • Low fixed interest rate
  • No closing costs1

HOME EQUITY LINE OF CREDIT

Variable Rate As Low As

6.75% APR

HELOCs are an excellent choice if you want the flexibility to borrow funds as you need them. With a revolving line of credit, it’s easy to finance needs that may be ongoing or take separate phases to complete.

  • Credit lines between $25,000 and $250,000*
  • Initial advance of $5,000, no minimum for subsequent advances
  • Funds accessible by transfer, in-person requests, and home equity checks
  • Draw period up to 10 years
  • Repayment period up to 15 years
  • Variable interest rate3
  • No closing costs1

APR=Annual Percentage Rate. Borrower is responsible for prepaid items including interest, taxes and insurance, if applicable. If loan is paid in full within 36 months, borrower will be responsible to pay $750 in closing cost recapture. An upfront appraisal fee may be required which will be refunded at closing. 2Minimum payment during draw period is interest only. 3 *Rate is subject to change monthly and is based on the Prime Rate as published in The Wall Street Journal. *Some restrictions may apply. We offer home equity loans/lines of credit up to a competitive percentage of appraised value.

To learn about your home equity options, get in touch with a loan officer by clicking the button below. Your loan officer will walk you through your options and help you apply for a loan.

Benefits of TEG Home Equity Loans & Lines of Credit

  • Loans and Lines of Credit Between $25,000 and $250,000
  • Low Fixed or Variable Rate Loans Options
  • Loan Terms or Repayment Periods up to 15 years

What is the best way to use home equity?

Homeownership can be rewarding, personally and financially. If you’ve built up enough equity in your home, borrowing against it is one way to achieve your long-term financial goals. Here are some effective ways our members put a home equity loan or home equity line of credit to work.  The possibilities are endless

  • Home improvements, additions, and renovations
  • Debt consolidation
  • Wedding expenses
  • Emergency and medical expenses
  • Investment capital for a new business venture
  • Down payment on an investment property

Applying is Easy

Step1

Loan or Line of Credit?

Our mortgage specialists can help you decide which option is best for you.

Step2

Apply Online

Complete our quick and easy online application.

Step3

Close & Get Funds

Get the money you need 3 days after closing.

★★★★★

“Always great service with Jessica. Jessica has done at least 3 mortgages for us and has always performed exceptionally including all the support staff that helped to close the loan on time.”

______

“JJ made our HELOC loan process run smoothly. From start to finish he kept us informed of the progress of the loan and answered all the questions we had during the process. He even followed up after the closing to check how it went. JJ has helped us in the past with car loans and again, he made the whole process simple. I would not hesitate to recommend JJ from TEG.”

Home Equity Loan & Home Equity Line of Credit FAQs

What’s the difference between a HELOC and a home equity loan?

Home equity loans provide a lump sum loan payout, so they’re ideal for expenses with established budgets and timelines. They come with a fixed interest rate, and interest is charged on the loan starting with the first loan payment.

Home equity lines of credit (HELOCs) are revolving credit lines used to pay for things over time, so they are ideal for ongoing expenses or those with evolving budgets. HELOCs usually come with an adjustable interest rate, and you only pay interest on the money that you use. In this way, HELOCs are easy to compare to credit cards, except that they are a secured line of credit and often have a much larger credit limit.


How much money can I borrow with these loans?

TEG home equity loans and lines of credit are available at competitive CLTVs for loan amounts between $25,000 and $250,000.


Are there tax advantages with a HELOC or Home Equity Loan?

The interest you pay on the loan might be tax-deductible. But it’s always best to consult with an accountant or tax professional for expert advice.


Other Loan Options

Debt Consolidation Loan

A low-cost debt alternative that combines your high-interest debts into one convenient bill to save you money, strengthen your credit score, or both.

Mortgage Refinance

Paying off your current mortgage and getting a new loan to replace it, can reduce your payments, shorten your term, or help you build equity faster.

Personal Line of Credit

A Personal Line of Credit lets you draw from your line of credit when you need to up to your approved maximum amount.

Meet Our Mortgage Loan Experts

We are here to help you secure the loan approval you need! With an extensive background in mortgage lending, we are committed to helping you find the best possible financial solution. APPLY TODAY with one of our Mortgage Officers.

Jessica Schoen Senior Mortgage Officer

NMLS#: 22486

JESSICA SCHOEN

Senior Mortgage Officer

I have many years of experience working with first time home borrowers so you can be confident I’ll help you find the mortgage loan best suited to your individual needs.

Matt Bannan

NMLS#: 404022

MATTHEW BANNAN

Senior Mortgage Officer

Home financing is one of the biggest decisions you will make. I’m here to answer your questions, find the right loan for your situation, and make the process as anxiety-free as possible.

Scott McNally

NMLS# 1841508

SCOTT MCNALLY

Mortgage Loan Officer

Financing a home doesn’t need to be stressful. I’m here to help you find the right loan. Whether this is your first home purchase, an investment property or a refinance, I will ensure your mortgage process runs efficiently and smoothly.

Jeffrey Shields Mortgage Officer

NMLS# 1466211

Jeffrey Shields

Mortgage Loan Officer

Known for outstanding service, you can count on me to look out for your interests and keep you informed throughout the mortgage process. I strive to make borrowers feel at ease and get to their goal of homeownership.