Home Equity Loan

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What Is A

Home Equity Loan?

A home equity loan, also known as a second mortgage, is a type of loan in which the borrower receives a large loan by deriving equity from his or her property. The loan amount is determined based on the equity of your property, which is dependent on the appraised value of your home and the current balance on your mortgage. Here’s an example scenario: Value of your home – Amount owing on your mortgage = Home Equity

700

Appraised Value

200

Your Mortgage

500

Available Equity

This means that your home has $500,000 in equity. A Home Equity Loan would allow you to borrow up to a certain percentage of your home equity. You may want to consider a home equity loan if you have large expenses you need to cover or are looking to pursue a new business venture. Leap Financial approves loans from anywhere between $10,000 to $2,500,000 with an easy, reliable, and stress-free repayment process. Start your zero-obligation application today and see the type of rates you can get approved for!

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