Questions members frequently ask about Home Equity loans

Is there a closing cost for a Home Equity loan?

There can be, depending on your situation.

Is the interest tax deductible on a Home Equity loan?

Check with your tax advisor. Many of our members report that they deduct the interest on their taxes.

How much can I borrow with a Home Equity loan?

You may qualify for up to 80% of the equity in your home. To calculate this amount, take the verifiable value of your home and subtract what you currently owe on your home. What is left is your equity. If you qualify, you can borrow up to 80% of this amount.