When making a major purchase, using a home equity loan or line of credit is an alternative to financing offers often provided by a seller or manufacturer. In such cases, buyers often have the option of taking the seller-provided financing offer or a rebate on their purchase. Taking the rebate and using the equity in your home may provide a better alternative to the seller financing.
Using Home Equity for a Major Purchase
Use Home Equity for a Major Purchase
Home Equity Loan
Loan Amount
Monthly Payment
Seller Financing
Loan Amount
Monthly Payment
You can borrow up to 95% of your home’s value (maximum Home Equity Loan of $250,000), which includes any balance owned on an existing first mortgage loan. The maximum loan-to-value varies based on credit tier, combined LTV and loan amount requested.