Home Equity Loans

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Home Equity Loans are Backed by the Value You’ve Built up in Your Home

Home equity loans are second mortgages that make homeowners’ equity accessible so they can easily cover major expenses like home renovations, debt consolidation, or education costs. They are very popular because they allow you to access your home’s equity to cover a variety of needs, with fixed rates and regular monthly payments, while leaving your existing first mortgage as is.

Who is Eligible for a Home Equity Loan?

Home equity loans require that you already own a home and have built up equity. What does that actually mean? It means that your home is worth more than you presently owe on your mortgage. Most lenders require at least 10–20% equity in the property, a credit score of 660 or better, and a good job/income history to ensure you have enough to pay for the additional monthly payment. Debt-to-income ratios are usually required to be less than 43%, with exceptions up to 50% considered when compensating factors are present. Home Equity Loan terms and interest rates best suit those who want fixed monthly payments to cover major expenses such as home improvements, college education costs, or debt consolidation.

      EXCELLENT  
   Based on 70 reviews 
    
 
 
 
   
 
 
       Posted on Google  
   
   Marina Younger 
 
 
 
 Trustindex verifies that the original source of the review is Google. We had unexpectedly found our dream home and needed to get pre approved on what seemed like an impossibly short timeline to make an offer, but Dan came through for us and with a rate that beat all others. If you want a business that you can call that picks up the phone and it's exactly who you need to talk to, you've found the right place.
  
 
      Posted on Google  
   
   Brett Peterson 
 
 
 
 Trustindex verifies that the original source of the review is Google. Dan, Heidi, and the Educated Mortgage team made the refinancing process a breeze and easy to understand. They answered every question we had. We definitely plan on working with them again.
  
 
      Posted on Google  
   
   Holly Lowry 
 
 
 
 Trustindex verifies that the original source of the review is Google. Dan and his team helped me with a refi and it took forever (on my part not theirs :D) but his team and him answered all my questions and gave me what I needed to work on things and we got it done! Will definitely be going back to them when I need another refi.
  
 
      Posted on Google  
   
   Chris B. 
 
 
 
 Trustindex verifies that the original source of the review is Google. Such a great experience!  Dan & Heidi are relentless - so professional, such good communication and follow up, made everything super easy.  The tools they use are also great.  I shopped brokers and had a few I was dealing with and asking questions to, but in the end I'm so glad we chose Educated Mortgage for our recent condo purchase.
  
 
      Posted on Google  
   
   Mike Layman 
 
 
 
 Trustindex verifies that the original source of the review is Google. I absolutely love these guys! Best service, best prices and easy to work with
  
 
      Posted on Google  
   
   Jessica Gilbertson 
 
 
 
 Trustindex verifies that the original source of the review is Google. I can not say enough good things about Educated Mortgage. We had the pleasure of working with Dan and Heidi. From the beginning conversations with Dan to the loan application to the processes with Heidi all the way up through the closing, the experience was beyond exceptional. Communication with us very efficient and they worked very hard for us. Our situation was extraordinary and definitely presented challenges but they never gave up on us. We actually spoke with Dan several months prior to this and he gave us advise on things we needed to work on, which we did and when we called him back he was ready to go to work for us. Even after the closing, he will watch our loan and mortgage rates and let us know if and when the time could be right to refi. They are there for you from the beginning and we will still be there months or years down the road to help. Even if it is just to ask some questions. Educated Mortgage is just amazing.
  
 
      Posted on Google  
   
   Carrie Neu 
 
 
 
 Trustindex verifies that the original source of the review is Google. Friendly people.
  
 
      Posted on Google  
   
   Dan Davis 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great people to work with, made the process of the mortgage very easy to understand. Definitely would recommend
  
 
      Posted on Google  
   
   Peggy Sheets 
 
 
 
 Trustindex verifies that the original source of the review is Google. It was out second time with Educated Mortgage and it went  as smooth as first time.Dan and Heidi were great explaining things and keeping us informed.We  refinanced out home,took care of some credit card and student loan debt  and enough for a tree removal.and our mortgage is still affordable.we recommend  them highly.Al and Peggy Sheets