FAQs (data-driven)

Home Equity Loan Fixed Rate Mortgage

• What is a Home Equity Loan Fixed Rate Mortgage?

  A first or second mortgage associated with the equity of your home. The funds are paid to you in a lump sum and are paid back over the length of the mortgage. Terms range from 5 to 20 years.

• What is home equity?

  Home equity is the difference between the market value of your home and the remaining amount of your current mortgage. An appraisal may be required to determine the current market value of your home.

• How much can I borrow with a Home Equity Loan Fixed Rate Mortgage?

  The amount you are able to borrow is dependent on the current market value of your home, the amount you owe towards your current mortgage, and additional qualifying factors. Unlock your home equity with Goldenwest. Apply online, call us at 800-283-4550, or visit a branch near you.

• Can I refinance a Home Equity Loan Fixed Rate Mortgage?

  Yes! Refinancing is available. Let us help. Call us at 800-283-4550 or visit a branch near you.

• What are the benefits of a Home Equity Loan Fixed Rate Mortgage?

  Benefits include:
  - Fixed rate mortgage
  - Shorter terms
  - No private mortgage insurance
  - Single draw of funds
  - No closing costs for many loan options

• Can I apply for a home equity loan while currently paying a mortgage?

  Yes! You will maintain your first or primary mortgage. The home equity loan will be considered a second mortgage.

• How can I use the funds?

  Funds can be used for home improvements, debt consolidation, or additional major expenses. Need help determining your financial needs? Reach out to your funding Loan Officer with Goldenwest today.