Home Equity Loans

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Newly renovated home front door entryway

Unlock your home's potential

Thinking about adding an addition to your home or budgeting for a set number of projects? Instead of adding expenses to a high-rate credit card take advantage of a Home Equity Loan to fund your home renovations. Landmark makes it easy to apply, start using your home’s equity to accomplish more today!

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What is a Home Equity Loan?

Home Equity Loans will give you a lump sum of cash which is repaid over a fixed period with a fixed interest rate. With a low fixed interest rate and fixed monthly payments over the life of the loan this is a great choice for individuals planning out a specific home project. Landmark makes it easy to apply and offers terms that can fit your budget.

  • Benefits of a Home Equity Loan

    Receive lower rates and no annual fees. A Home Equity Loan, sometimes referred to as a renovation loan, is great when you know exactly how much cash you will need for your projects and prefer consistent payment options.

  • Consider a Home Equity Loan

    If you need help consolidating high-interest debts, want to pay off medical or education expenses or have a budgeted home improvement project, choose the term that best suits your needs and utilize a Home Equity Loan.

Term

APR1

Pmt/$1,000

Term

Up to 60 months

APR1

7.34%

Pmt/$1,000

$19.97

Term

84

APR1

7.89%

Pmt/$1,000

$15.54

Term

120

APR1

8.34%

Pmt/$1,000

$12.32

Term

180

APR1

8.69%

Pmt/$1,000

$9.96

Term

240

APR1

9.80%

Pmt/$1,000

$9.52
Apply for a Home Equity Loan

Compare Your Options

Let’s do a quick breakdown of three popular funding options that can play a part in home related renovations or expenses. Check out these key differences and decide which one works best for you. If you have additional questions, feel free to contact us for more information.

HELOC

  • Revolving line of credit to draw funds when needed
  • Variable interest rate
  • Perfect for changing project plans 
  • Flexible spending option 
  • 10-year draw period2

Learn More

Home Equity Loan

  • One-time lump sum of cash
  • Fixed interest rate
  • Consistent monthly payments
  • Great for budgeted projects like home additions
  • Lower interest rate than a credit card

Cash-out Refinance

  • Frees up funds for large expenses or bills
  • Convert your equity to cash with a new mortgage
  • Can lower the interest rate of your current mortgage 
  • Higher closing costs and fees

Explore Options

Home Equity Loan Process

  • number 1

    Research

    Make it a point to understand the amount of funds you need. Chat with an expert to get a better understanding of the process and your home’s loan-to-value ratio.

     

     

  • number 2

    Apply

    Submit your application online or in person. One of our experts will guide you through the process and inform you about any additional documentation or information needed to get your approval.

  • Approval

    After you have been approved you will receive your lump sum of cash. You can now use it to move forward on your projects!

  • Repayment

    For the life of the loan, you will be required to make consistent payments at a fixed interest rate.

Home Equity Loans FAQs

Have additional questions? Check out some of these common question about Home Equity Loans. If you need more information please contact us and we will connect you with an expert!

  • A Home Equity Loan is a type of Second Mortgage. They are simply two different names for a loan that is taken out against your home to get cash for home improvements, pay off existing debt or to use for another expense.
  • A home equity loan and a home equity line of credit (HELOC) offers two different ways to access funding for repairs, renovations or additional expenses by using your home’s equity. Your home’s equity is calculated using the loan-to-value (LTV) ratio:

    Home Equity Loan:
    • Provides a lump sum of cash
    • Repaid over a fixed term
    • Consistent monthly payments
    • Fixed interest rate for the loan duration

    HELOC:
    • Revolving line of credit to draw when needed
    • 10-year draw period
    • Operates similar to a credit card with multiple ways to access
    • After the draw period you’ll enter a repayment period that can last up to 15 years
    • Interest only payments during the draw period
    • Interest and principal payments during the repayment period
    • Variable interest rate
    A HELOC provides flexibility and the ability to access funds when needed, while home equity loans offer a fixed lump sum with consistent monthly payments. Choosing one over the other depends on your financial goals and preferences. You can talk with a personal finance officer to find out which one is best for you.
  • When applying for a home equity loan, please provide the following:
    • Proof of income (pay stubs for the last 30 days, 2 years W2 or 1040s)
    • Proof of Homeowner's Insurance (policy declaration page)
    • If you have a first mortgage, your most recent statement
    • A copy of your tax bill Additional information may be required.

Considering a Home Equity Line of Credit (HELOC)?

A HELOC allows you to draw funds over a 10 year span making it perfect for shifting projects.  

Learn More
[1]
Fixed rates shown are available for owner-occupied primary residences with loans up to 80% Loan-to-Value (LTV) and credit scores of 680 or higher. Additional rates and terms are available. Applicants with credit scores under 680 may still be eligible for a fixed rate loan with LTV to up to 80%. Minimum loan amounts apply. Consumer loan rates based upon qualified credit. Loans and rates are subject to credit approval. All rates and terms are subject to change without notice. Excludes Landmark refinances. To calculate estimated monthly payment, multiply the payment amount shown by the mortgage amount in thousands. For example, 60-month 7.34% loan for $150,000 would be: 150 X $19.97= $2,995.50 per month. Actual payments will be higher with taxes, property insurance and, if applicable, private mortgage insurance.
[2]
HELOC Disclosure: Current Rate available on loans for owner-occupied primary residences with loans up to 70% Loan-to-Value (LTV) and credit scores of 740 or higher. Other restrictions may apply. Annual Percentage Rate (APR) is variable and set at Prime (recently 7.50%) minus 1.00 percentage points, or 3.99% APR, whichever is higher. Rate is subject to change on the first business day following any change in the Prime Rate as published in the Wall Street Journal. Interest-only payments are available for the first 10 years from the date the HELOC was opened; outstanding balance will then amortize based on the variable rate to be repaid in monthly payments over 180 months. Maximum rate 20% and the APR will never fall below 3.99%. Homeowner’s insurance required. If the line of credit is closed within the first 2 years, an early termination fee of $200 applies. The member is responsible for the property valuation, property condition report, title letter report, and recording fee of $149 - $1,000 depending on the number of units, occupancy status, and the amount of the credit line requested. Additional loan programs may be available based on creditworthiness.