2nd Deeds of Trust
Closed-End Home Equity Loan
Closed-ended home equity loans* are a great option if you have at least 25% equity in your home and need a set amount of money for a single purpose, such as a specific home repair or paying off high-interest debt. Like home equity lines of credit, a closed-ended home equity loan lets you borrow against the equity in your home. Unlike home equity lines of credit that allow for flexible spending and payback for ongoing expenses, closed-ended home equity loans provide you a lump sum up front then require fixed payments be sent back to us monthly. You’ll have a consistent interest rate for the loan’s term and avoid fees that may come with lines of credit.