Turn Your Home’s Equity Into Financial Opportunity
A 2nd Mortgage Home Equity Loan from Carolina Trust allows you to leverage the equity in your home to access the funds you need—whether for home improvements, debt consolidation, major expenses, or unexpected costs. With fixed rates and predictable monthly payments, you can borrow with confidence and financial stability.
Why Choose a Home Equity Loan?
- Fixed Interest Rate – Enjoy predictable monthly payments for easier budgeting.
- Flexible Loan Amounts – Borrow up to 80% of your home’s appraised value, minus your first mortgage balance.
- Long-Term Stability – 15-year repayment term ensures manageable payments.
- Use for Any Purpose – Finance renovations, education, medical expenses, or consolidate debt.
How Does a Home Equity Loan Work?
A home equity loan is a type of 2nd mortgage, allowing you to borrow against the value of your home while keeping your original mortgage intact. Unlike a HELOC (Home Equity Line of Credit), which offers a revolving credit line, a home equity loan provides a lump sum with a fixed interest rate and set repayment terms.
- Best for: One-time expenses like home remodeling, debt consolidation, or medical costs.
- Predictable Payments: Lock in your rate for steady, manageable payments over time.
- Tax Benefits: Interest may be tax-deductible (consult a tax advisor).
Loan Details & Requirements
- 15-year term with a fixed interest rate*
- Borrow up to 80% of your home’s appraised value; Appraised value less 1st mortgage balance
- Primary Residence Only
- Minimum loan amount of $20,000.00
- Low loan rates*
*Loan approval and Annual Percentage Rate subject to credit worthiness. Loan type subject to property and borrower qualifications. Other restrictions apply.
Home Equity Loan vs. HELOC – Which Is Right for You?
| Feature | Home Equity Loan | HELOC (Home Equity Line of Credit) |
|---|---|---|
| Funds Access | Lump sum | Revolving credit line |
| Interest Rate | Fixed | Variable |
| Best For | One-time large expenses | Ongoing access to funds |
| Payments | Fixed monthly payments | Flexible, interest-only options available |
Common Uses for a Home Equity Loan
- Home Improvements – Upgrade your kitchen, renovate bathrooms, or add value to your home.
- Debt Consolidation – Pay off high-interest credit cards or personal loans with one lower-rate loan.
- Education Expenses – Fund college tuition or continuing education.
- Major Purchases – Buy a new vehicle, finance a wedding, or cover medical bills.
Apply for a Home Equity Loan Today
Get the funds you need with competitive rates and flexible terms. Start your application online or speak with a loan specialist today!
