The equity in your home is the difference between the amount your home could be sold for, and the amount that you still owe. A home equity loan is a loan based on that difference.

Home equity loans can be used for any number of reasons, including home repair, remolding, even vacations or investments. Of course, a home equity loan must be paid back, which usually means a significant increase in your monthly payments. With rising interest rates, it only makes sense to take a close look at your whole financial picture before you borrow against the equity in your home.

Senior BofI offers home equity loans. You can get a rate quote right on our website which will help you evaluate your situation. And remember, if you have any questions at all, or if we can help you determine if an home equity loan makes sense for you, contact us.