Home Equity Loans

When it comes to accessing the equity in your home, OmniAmerican offers Home Equity Loans along with a knowledgeable staff to assist you during the loan process.

What is Home Equity Lending?

A Home Equity Loan is a loan that allows you to borrow against the equity in your home for any purpose other than the purchase of that home.  The difference between the balance on your mortgage and the current appraised value of your home is the equity in your home.

What can you do with a Home Equity Loan?

  • Pay outstanding medical bills
  • Finance your or your child's education 
  • Purchase a new car or dream vacation
  • Make improvements to your home
  • Start a small business

Most importantly, you can save money with a Home Equity Loan.  Your monthly payment may be lower, you'll save money on finance charges and the interest may be tax deductible.  Please consult a qualified tax advisor for more details.

Two options for Home Equity Lending

1. Traditional Home Equity Loan:

To estimate how much you may be able to borrow with an OmniAmerican Home Equity Loan, use the following worksheet:

How Much Can You Borrow?
   Example:
Current fair market value of your home is $210,000
Tax law allows homeowners to borrow up to 80% of their home's value. This is the maximum total loan amount $168,000
Minus your first mortgage loan amount $130,000
Your available equity is $38,000

2. Cash out Refinancing

Cash out refinancing allows you to refinance your existing first mortgage at 80% of the fair market value.

Cash Out Refinancing
Fair Market Value Example:

$210,000
        x80%
$168,000

new first mortgage
Pay off of the first mortgage balance $130,000
Cash Available $38,000

 
For Information about opening any OmniAmerican account, please contact us.
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