At U.S. Home Mortgage, we offer several different types of loan programs to meet all your needs.

• First Time Home Buyer
• New Construction
• Refinancing
• Equity Loan
• NIFA

The basic idea of a home equity loan is that you can borrow against the current equity in your home, so the more equity you have the larger home equity loan you can receive.

The equity consists of funds you have invested in your property and/or the increase in value you have gained in the property.

With a home equity loan you are using your home as collateral. To figure out equity, take the home’s current value and subtract it from the amount you still owe, and that is how much equity you have in your home. For example, let's say your home is currently worth $400,000 and you have $300,000 left to pay on your mortgage. Your current equity is $100,000. A U.S. Home Mortgage loan officer would be glad to assist you in figuring out if a home equity loan is right for you.

Home Equity Loan vs. Home Equity Line of Credit
There are two types of home equity loans: home equity loans and home equity lines of credit, also known as HELOCs. Both are referred to as second mortgages.
Equity loans and lines of credit often have a repayment period of 15 years, although it might be as short as five and as long as 30 years.

1. Home Equity lines of credit are usually a revolving line of credit which can be drawn on when needed.
2. Proceeds from a Basic Home Equity loan are usually obtained in a lump sum.
   U.S. Home Mortgage can offer home equity loans with a fixed rate or an adjustable rate. Home equity loans are typically used for debt consolidation, home repairs and college tuition. Although there are many other reasons for obtaining a Home Equity loan.

Tax benefits of home equity loans
A home equity loan is also beneficial because the home equity interest charged is usually tax deductible. Consult your tax advisor.