Access home equity
Have you been considering a major remodeling project? Finally ready to take that over-the-top vacation you always dreamed of? Need funds for your child's college education? You can use the equity in your home to fund almost anything. So, whatever the reason, we can help you do the math to come up with the option that best fits your situation. It's just one of the many reasons why we are Your Bank of First Choice.
What is home equity?
Home equity is the value of your ownership in a home. Here's how you calculate it:
Current Value of Your Home - Total Home Loan Debt = Home Equity
Here's an example. Most of the time you can make a fairly educated guess as to the current value of your home. If you are really unsure, you can also look to the current county valuation. (If your home is in Ellis County, you can find the county value here.) Let's say you determine that the value of your home is $250,000.
Next, consider all of the debt secured by your home. This includes your primary home loan, but also any second loans or other money you borrowed using your home as collateral. For this example, the only debt is your primary home loan, with a loan balance of $150,000.
So, the math looks like this:
$250,000 (current value of your home) - $150,000 (total home loan debt) = $100,000 (home equity)
How much of my home equity can I borrow?
If your primary or first home loan is with us, we can loan you up to 90% of the value of your home.
The value of your home will be determined by a certified appraisal.
Here's an example. An appraiser determined the current value of your home is $250,000. Your total home loan debt is $150,000. We will loan up to 90% of the value of your home.
$250,000 (current value of your home) x 90% = $225,000
$225,000 - $150,000 (total home loan debt) = $75,000
Thus, you may be able to access up to $75,000 in home equity.
Review the options
When it comes to accessing your home equity, there are a couple ways that you can borrow and repay those funds. We offer a Home Equity Line of Credit (HELOC) or an amortized fixed-rate loan. Learn more about what we offer.
Why choose Golden Belt Bank?
Quick and straight-forward loan approval
Because we are locally owned and operated, every loan decision is made right here in our community. And with no middle man to report to, approval decisions are made quickly.
We can provide a one-stop shopping experience for all your banking needs. Look to us to make access to your home equity easy with our online banking options. Plus, we've got products and services for all of your banking needs.
Full picture approach
You can rest assured that we look at the full picture when reviewing your loan needs. This means we look at what you need first and then help you decide the best way to proceed. You may think accessing your equity through a HELOC or second loan is the best approach, but because we reviewed the full picture, we may be able to suggest a different method that ultimately saves you money.
We can be hands off, but only if that's what you want. We enjoy meeting with each of our customers and are ready with answers to all of your questions. But, if you want a more DIY approach, we have that covered too. We take the time to know you and our Loan Officers are ready to provide as little or as much help as you may need.