What does Equity Takeout mean?

Home equity is the portion of your house that you own from all the loan payments that you’ve done. Your ability as the homeowner to borrow money from your home equity is called an equity takeout. This process allows you to use your home equity to achieve your other financial goals.

This is usually done by borrowing as much as 85% of the current amount of your home equity from a bank or a private lender. Once your loan is approved, you will then receive the money in a single lump-sum payment.

How can you benefit from an Equity Takeout?

Get lower interest rates: Home Equity Loans usually provide lower interest rates since you’ll be using your house as collateral.

Access an emergency fund: Assuming you’ve built up enough home equity, equity takeout gets you access to a larger sum of money compared to other loans

Gain flexible funds: Home equity loans can be used for whatever financial goals you have.

Pro Tip: Like any loan, be sure to compute for your home equity properly. Remember, you’ll be using your house as collateral so it pays to be careful.

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Is home equity takeout right for you?

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