Get cash from your home for anything you need with a home equity loan.

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.