
Turn Your Home’s Equity Into Cash
Using a home equity loan can allow you to use the old borrowing power you have from equity in your home.
Read MoreTurn your home’s equity into the cash you need—without changing your current mortgage. You can use your home equity loan to: consolidate debt, tackle home renovations, plan your dream wedding, or even take a much-needed vacation—no matter your dream, a home equity loan can fund it.
Keep your current mortgage rate and term while accessing equity (a separate loan).
Borrow up to 95% of your home’s value, compared to just 85% with many other lenders.Borrow up to 95% of your home’s value, minus your mortgage balance.
You won’t need to pay closing costs, which means a little extra cash back in your pocket.
Use the money for anything.
Use your money for just about anything—home improvements, debt consolidation, vacation, a dream wedding, emergency funds, or anything else.
Larger borrowing potential.
Depending on the amount of equity in your home, you might be able to obtain larger sums not possible through other types of loans, such as personal loans.
Same, consistent monthly payment.
Since your rate remains fixed, your monthly payment will also remain the same throughout the life of the loan.
Get one lump sum.
Once approved, you’ll enjoy one lump sum to repay monthly.
Lower rates.
With a home equity loan, you can enjoy a lower rate than most credit cards or personal loans.
No surprises.
With clear terms, a transparent process, and no hidden fees,1 you’ll always know exactly what to expect.
“Home equity” may sound complicated, but it’s actually simple. Home equity is the value of your home minus what you still owe on your mortgage. So, if your home is worth $200,000, and you owe $150,000 on your mortgage, you have $50,000 in equity. The real question is—what could you do with your home’s equity?
A Home Equity Loan allows you to get a lump sum amount upfront to repay monthly with fixed, predictable payments.
With Arkansas Federal, you can borrow up to 95% of your home’s value.Borrow up to 95% of your home’s value, minus your mortgage balance. For example, if your home is valued at $200,000, you could potentially borrow up to $190,000—assuming your mortgage is paid off. If you owe on your home, just subtract your remaining balance from that amount. For instance, if you owe $150,000 on your mortgage, you could apply for a home equity loan of up to $40,000, totaling $190,000—95% of your home’s value.
There’s no application fee – that’s a savings of $500! We also don’t charge an origination fee. It’s all part of our goal to save you money!
Absolutely nothing. Your mortgage remains untouched. A home equity loan is separate from your mortgage, so you’ll keep your current mortgage rate and term.
Our fixed-rate home equity loan is a great option if you want the stability of a monthly payment that will not change over the life of your loan. But we also offer variable rate Home Equity Lines of Credit (HELOCs) with more of a revolving credit line, similar to a credit card. If you’re not sure which one is right for you, give us a call at 800.456.3000, and we’ll go over your options.