Home Equity Loans
Competitive Home Equity Loan Rates from a Trusted Lender
An Omaha home equity loan is a loan for a fixed amount of money that is secured by your home. It is a type of loan in which the borrower uses the equity of his or her home as collateral. You repay the loan with equal monthly payments over a fixed term, just like your original mortgage.
Work with us and get approved now for your home equity loan from an Omaha lender you can trust. Get the best, most competitive rates that will give you peace of mind for the future. We can help you make a smart choice in your home equity loan. Find out how easy and quick our team can get you approved today. Read more about why you should work with us on a home equity loan.
How is Home Equity Calculated?
Home equity for Omaha home equity loans is calculated with a simple formula. Essentially your home’s current assessed value less any liens against it, like your mortgage, is what comes out to equal your home equity. If you have a $350,000 home with $50,000 left on your mortgage, your home equity is valued at $300,000.
Home Equity Loan vs. Home Equity Line of Credit
An Omaha home equity line of credit is exactly what it sounds like. Borrowers get a line of credit they can draw funds out of as needed. The home equity line of credit is based on your home equity just as a home equity loan is. With a line of credit, you have the option to not draw down the full amount of the loan and you only pay on the amount you actually take out, whereas the payments on a regular loan are figured up to include the interest on the total amount. Most home equity lines of credit in Omaha have a draw period, which is a fixed amount of time you are allowed to withdraw money from the line of credit.