Home Equity Loan

Tap into your home’s equity with a fixed-rate home equity loan from AmeriSave. Tackle home improvements, debt consolidation, or any major expense.

Put your home’s equity to work

A home equity loan lets you borrow money against the equity you’ve built in your home. Think of it like a second mortgage, but with a key difference: you receive all the money at once and pay it back at a fixed rate.

Keep your current mortgage intact

With a home equity loan, your primary mortgage and its interest rate stay the same.

Access the cash you need

Planning a major rennovation? Consolidating debt? Funding a major milestone? A home equity loan provides a one-time lump sum. Borrow as little as $25,000 or as much as $500,000 with a home equity loan from Amerisave.

Plan for a fixed monthly payment

Your home equity loan payments are predictable. Enjoy the peace of mind that comes with a fixed interest rate and a set repayment schedule.

AmeriSave makes home equity loans easy

Your home is more than a place to live—it’s a powerful tool to help you achieve your financial goals. With more than 20 years of trusted experience, AmeriSave has helped thousands of homeowners turn their equity into opportunities with competitive home equity loan options and zero hidden fees.

Access your money

Borrow up to $500,000 to tackle big projects or goals.

Get flexible repayment terms

Choose the loan and repayment plan that fits your budget best.

Lock in a fixed home equity loan rate

Lock in your home equity loan interest rate for predictable monthly payments.

Experience a simple application process

Apply and get approved quickly.

How does a home equity loan work with AmeriSave?

1 See if your property qualifies

Check if your property qualifies for a home equity loan from AmeriSave. Eligible properties include primary residences, second homes, investment properties, 1–4-unit residential properties and condominiums.

2 Calculate your equity

To calculate your home equity, subtract your current mortgage balance from your home’s estimated market value. You can also use our home equity calculator or chat with one of our Loan Advisors to see how much you’re eligible to borrow. With AmeriSave, you can borrow up to 90% of your combined loan-to-value ratio (CLTV), with loan amounts ranging from $25,000 to $500,000.

3 Prepare and apply

We evaluate factors like your credit score (minimum 640 FICO), employment history and financial situation to determine your eligibility. Be ready by gathering essential documents like your Social Security number, recent W-2s and mortgage statements. With our streamlined online application, you can apply quickly and take the first step toward securing your home equity loan.

4 Verify your home’s value

Your borrowing power is based on your home’s current value. To finalize your loan amount, we’ll assess your property value through an appraisal. Depending on your eligibility, you may qualify for a streamlined automated appraisal, saving you time and money. Our efficient evaluation process ensures you know exactly how much you qualify for.

5 Close on your home equity loan

Once we approve your loan, you’ll review and sign the final documents at closing. Good news: we can typically roll your closing costs into your loan, so you don’t need to bring funds to closing.  AmeriSave will disburse your funds in a single lump sum, giving you immediate access to the money you need.

6 Manage your payments

Choose the payment structure that works best for you. For our home equity line of credit (HELOC), start with 10 years of interest-only payments before transitioning to principal and interest for the remaining 10 or 20 years, with an adjustable rate. Or select our unique fixed-rate home equity loan with either a 20-year term featuring an optional 10-year interest-only period, or our rare 30-year fixed-rate term that gives you three decades of predictable payments.

Veron M. | Lawrenceville, GA

The process has been very quick and easy for a first timer like myself. Being able to provide things on-line via chat & email lets me handle things while taking care of other tasks.

Sprak | Charles Town

I cannot imagine an easier experience with anyone else. Everyone is friendly, helpful and simply caring. Love working with them.

Jason S | Elephant Butte, NM

Fantastic. Great company and staff. Professional and quick. The process from beginning to end was painless and speedy. Would recommend with 10 stars.
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Frequently Asked Questions

A home equity loan is a type of second mortgage that enables you to borrow against a portion of your home’s equity. Upon approval, you’ll receive a lump sum of cash upfront and repay it through fixed payments and interest over a set term. AmeriSave offers flexible 20- or 30-year terms with a fixed interest rate for predictable payments.

Home equity loans can offer several potential benefits, including large loan amounts, relatively low fixed rates, predictable payments and long repayment terms. With AmeriSave, you can borrow up to $500,000, offering flexibility for major financial goals.

The amount of money you can borrow with a home equity loan depends on your available equity, a lender’s set combined loan-to-value (CLTV) ratio limit and personal factors like your credit score and income. With AmeriSave, you can borrow up to 90% of your CLTV, with loan amounts ranging from $25,000 to $500,000.

You can use a home equity loan however you like. Common uses include consolidating debt, home improvements, starting a business, or covering education expenses.

A home equity loan provides a lump sum amount you repay through fixed payments over a set term. A home equity line of credit provides a credit line you can use on an as-needed basis during a defined draw period. While minimum payments are often due during a home equity line of credit’s draw period, full repayments don’t begin until the draw period ends. AmeriSave offers both options, and our Loan Advisors can help you decide which is right for your needs.

Home equity loan rates are based on market conditions and a few personal factors, such as your credit score, credit history, loan amount, debt-to-income ratio, income, and home value. The best way to see what rate you qualify for is to request an online quote.

Common requirements include sufficient home equity, good credit (a 640 minimum FICO score with AmeriSave), stable income and a qualified debt-to-income ratio.

While industry approval times can range from two weeks to two months, AmeriSave’s streamlined process helps you move faster. Based on home equity loans approved between June 2024 and January 2025, our median approval time was just 16 days, with an average of 21.2 days. The timeline will depend on factors like your response time to requests, appraisal turnaround times, and whether you have any credit or income challenges.

A home equity loan is a type of second mortgage. In other words, it’s a new loan that’s separate from your original loan and your current mortgage interest rate. This structure allows you to tap into your home’s equity while keeping your existing mortgage exactly as it is.

Make your home’s equity work for you

Unlock your home’s potential with a home equity loan from AmeriSave. Borrow up to $500,000 with flexible terms and competitive rates.

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