What’s the best way to turn home equity into cash?
If you're considering tapping into your equity, you have several options. Which is right for you? Here is a breakdown.
Need help? Call us now at 877.335.9048 and we can build a step-by-step plan to get you qualified with minimal fuss. As a BSI Financial client, you'll be offered every possible convenience.
Apply OnlineBSI does not discriminate against any person because of race, color, religion, national origin, sex, familial status, disability, or any other specific classes protected by applicable laws. The loans originated by BSI are only those in states where BSI is licensed. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Home Equity and credit products are offered through Spring EQ. Cash Out Conventional mortgages are offered through Servis One, Inc dba BSI Financial Services.
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Home Equity Line of Credit: Repayment options may vary based on credit qualifications. Choosing an interest only payment may cause your monthly payment to increase, possibly substantially, once your credit line transitions into the repayment period. Interest-only repayment may be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Credit line may be reduced or additional extensions of credit limited if certain circumstances occur. Property insurance is required. Other restrictions may apply. An annual fee of up to $99 may be required after the first year as well as a credit union membership.
Home Equity Loan: As of December 15, 2022, the fixed estimated Annual Percentage Rate (APR) of 8.577%, is available for a 10 year second position home equity installment loans $50,000 to $99,999 with loan-to-value (LTV) of 60% or less and a credit score of 780 or higher. Rates may vary based on LTV, credit scores or other loan amounts. Loan payment example: on a $50,000 loan for 120 months at 8.19% interest rate, monthly payments would be $611.67. Payment example does not include amounts for taxes and insurance premiums. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Property insurance is required. Other restrictions may apply.