HELOAN

Why Choose
a HELOAN?

A Home Equity Loan (HELOAN) allows homeowners to borrow money using the equity they have built in their home as collateral. Equity is the difference between your home’s current market value and the remaining balance on your mortgage. With a HELOAN, borrowers receive a lump sum of cash upfront and repay it through fixed monthly payments over a set period. Most home equity loans come with fixed interest rates, making payments predictable and easier to budget.

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Lump-Sum Payment

With a HELOAN, borrowers receive the full loan amount in one lump sum at closing. This makes it ideal for large, one-time expenses like home renovations, debt consolidation, or major purchases.

Predictable Monthly Payments

Home Equity Loans typically have structured repayment terms with fixed monthly payments. This predictable payment schedule helps homeowners manage their finances without worrying about fluctuating rates.

Use Your Home’s Equity

A HELOAN allows you to borrow against the equity you’ve built in your home. Because the loan is secured by your property, lenders can often offer lower interest rates compared to unsecured loans.

Fixed Interest Rates

Most Home Equity Loans come with a fixed interest rate that stays the same for the life of the loan. This means your monthly payments remain consistent, making it easier to budget and plan financially.

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At Legions United Funding, we're committed to making homeownership a reality. Whether you're buying your first home or refinancing, our team stands united to serve you.

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HELOAN FAQs

Here are the most common questions about HELOANs, explained simply. If you don’t see your question here, our team at Legions United Funding is ready to guide you every step of the way.

What is a HELOAN?

A HELOAN is a loan that lets you borrow money using the equity in your home. It provides a lump sum with fixed payments.

How much can I borrow?

Most lenders allow you to borrow up to 80–85% of your home’s equity. The exact amount depends on your credit and income.

What can I use a HELOAN for?

You can use it for home improvements, debt consolidation, education costs, or other major expenses.

Is the interest rate fixed or variable?

Most HELOANs have fixed interest rates, meaning your payment stays the same.

How long are repayment terms?

Repayment terms usually range from 5 to 30 years.

Do I need good credit to qualify?

Yes, lenders typically require a good credit score and sufficient home equity.

Still have questions?

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