Home Equity Loans
Purchase, Refinance, Home Equity.... One click for all your mortgage needs.
What is a home equity loan?
A home equity loan is a loan that uses your home as collateral. Your home equity is a part of your home that you actually own and this is the guarantee for your loan.
Your home equity is calculated by taking the current value of your home and subtracting your mortgage. For example, if your home is worth $150,000 and you have a $100,000 mortgage, you have $50,000 of equity in your home. A home Equity loan allows you to borrow money using your equity of $50,000 as security for the loan.
A home equity loan, often called a second mortgage, reduces your equity or ownership in your home. Since your home guarantees your loan, if you default on the payments, you can lose your home.
What can I use my loan proceeds for?
A home equity loan can be used for anything from paying off high-interest credit card debt, to home improvements to buying a car.
Here are some advantages for staying with your locally owned and operated Bank:
- Low closing cost
- Fast loan decisions
- Face to face contact with your loan offer
- No out-of-state letters or phone calls to get answers to any questions.
Come in and visit with one of our loan specialist.
Dayton Financial Center
- Diane Huddleston - 936-340-4742 NMLS ID NO. 461443
Liberty Financial Center
- Earle Connevey - 936-334-3128 NMLS ID NO. 461441
FIRST LIBERTY NATIONAL BANK NMLS ID NO. 460977