<p class="paragraph" data-pm-slice="1 1 ["document",{"docId":"t6l8yrz2yn9vnnm","background":{"type":"none"},"docFlags":{"cardLayoutsEnabled":true},"format":"deck","customCode":{},"settings":{},"generateStatus":"done","generateInfo":{"interactionId":"s8x7ka4nlo7mde7","streamId":"t6l8yrz2yn9vnnm","lastEventId":"1295","lastCompletedCardId":"axa7nlwmcn3w64o","lastCompletedCardIndex":7}},"card",{"id":"rr4rw83pijojldc","previewContent":null,"background":{"type":"none"},"container":{},"cardSize":"default","layout":"right","layoutTemplateColumns":"75% 25%","generatorInput":null},"cardLayoutItem",{"itemId":"body","background":{}},"smartLayout",{"variantKey":"bullets","options":{"cellSize":"lg","orientation":"vertical","twoSided":false},"fullWidthBlock":false},"smartLayoutCell",{"options":{},"width":null,"image":null,"label":null}]">A lender will assess your home’s current value and subtract the mortgage balance to calculate available equity.

Based on credit, income, and equity, a lump sum is offered with fixed payments over a set term.

<p class="paragraph" data-pm-slice="1 1 ["document",{"docId":"t6l8yrz2yn9vnnm","background":{"type":"none"},"docFlags":{"cardLayoutsEnabled":true},"format":"deck","customCode":{},"settings":{},"generateStatus":"done","generateInfo":{"interactionId":"s8x7ka4nlo7mde7","streamId":"t6l8yrz2yn9vnnm","lastEventId":"1295","lastCompletedCardId":"axa7nlwmcn3w64o","lastCompletedCardIndex":7}},"card",{"id":"rr4rw83pijojldc","previewContent":null,"background":{"type":"none"},"container":{},"cardSize":"default","layout":"right","layoutTemplateColumns":"75% 25%","generatorInput":null},"cardLayoutItem",{"itemId":"body","background":{}},"smartLayout",{"variantKey":"bullets","options":{"cellSize":"lg","orientation":"vertical","twoSided":false},"fullWidthBlock":false},"smartLayoutCell",{"options":{},"width":null,"image":null,"label":null}]">Borrowers can use the funds for a wide range of needs—home improvements, medical expenses, tuition, or debt payoff.

<p class="paragraph" data-pm-slice="1 1 ["document",{"docId":"t6l8yrz2yn9vnnm","background":{"type":"none"},"docFlags":{"cardLayoutsEnabled":true},"format":"deck","customCode":{},"settings":{},"generateStatus":"done","generateInfo":{"interactionId":"s8x7ka4nlo7mde7","streamId":"t6l8yrz2yn9vnnm","lastEventId":"1295","lastCompletedCardId":"axa7nlwmcn3w64o","lastCompletedCardIndex":7}},"card",{"id":"cf7cle4d5iung0e","previewContent":null,"background":{"type":"none"},"container":{},"cardSize":"default","layout":"left","layoutTemplateColumns":"25% 75%","generatorInput":null},"cardLayoutItem",{"itemId":"body","background":{}},"smartLayout",{"variantKey":"timeline","options":{"twoSided":false,"orientation":"vertical","cellSize":"lg"},"fullWidthBlock":false},"smartLayoutCell",{"options":{},"width":null,"image":null,"label":null}]">Typically 620 or higher

<p class="paragraph" data-pm-slice="1 1 ["document",{"docId":"t6l8yrz2yn9vnnm","background":{"type":"none"},"docFlags":{"cardLayoutsEnabled":true},"format":"deck","customCode":{},"settings":{},"generateStatus":"done","generateInfo":{"interactionId":"s8x7ka4nlo7mde7","streamId":"t6l8yrz2yn9vnnm","lastEventId":"1295","lastCompletedCardId":"axa7nlwmcn3w64o","lastCompletedCardIndex":7}},"card",{"id":"cf7cle4d5iung0e","previewContent":null,"background":{"type":"none"},"container":{},"cardSize":"default","layout":"left","layoutTemplateColumns":"25% 75%","generatorInput":null},"cardLayoutItem",{"itemId":"body","background":{}},"smartLayout",{"variantKey":"timeline","options":{"twoSided":false,"orientation":"vertical","cellSize":"lg"},"fullWidthBlock":false},"smartLayoutCell",{"options":{},"width":null,"image":null,"label":null}]">At least 15-20% equity in your home

<p class="paragraph" data-pm-slice="1 1 ["document",{"docId":"t6l8yrz2yn9vnnm","background":{"type":"none"},"docFlags":{"cardLayoutsEnabled":true},"format":"deck","customCode":{},"settings":{},"generateStatus":"done","generateInfo":{"interactionId":"s8x7ka4nlo7mde7","streamId":"t6l8yrz2yn9vnnm","lastEventId":"1295","lastCompletedCardId":"axa7nlwmcn3w64o","lastCompletedCardIndex":7}},"card",{"id":"cf7cle4d5iung0e","previewContent":null,"background":{"type":"none"},"container":{},"cardSize":"default","layout":"left","layoutTemplateColumns":"25% 75%","generatorInput":null},"cardLayoutItem",{"itemId":"body","background":{}},"smartLayout",{"variantKey":"timeline","options":{"twoSided":false,"orientation":"vertical","cellSize":"lg"},"fullWidthBlock":false},"smartLayoutCell",{"options":{},"width":null,"image":null,"label":null}]">Preferably below 43%

<p class="paragraph" data-pm-slice="1 1 ["document",{"docId":"t6l8yrz2yn9vnnm","background":{"type":"none"},"docFlags":{"cardLayoutsEnabled":true},"format":"deck","customCode":{},"settings":{},"generateStatus":"done","generateInfo":{"interactionId":"s8x7ka4nlo7mde7","streamId":"t6l8yrz2yn9vnnm","lastEventId":"1295","lastCompletedCardId":"axa7nlwmcn3w64o","lastCompletedCardIndex":7}},"card",{"id":"cf7cle4d5iung0e","previewContent":null,"background":{"type":"none"},"container":{},"cardSize":"default","layout":"left","layoutTemplateColumns":"25% 75%","generatorInput":null},"cardLayoutItem",{"itemId":"body","background":{}},"smartLayout",{"variantKey":"timeline","options":{"twoSided":false,"orientation":"vertical","cellSize":"lg"},"fullWidthBlock":false},"smartLayoutCell",{"options":{},"width":null,"image":null,"label":null}]">To confirm the home’s current market value

Home Equity Loans - Phillip Ferguson -Branch Manager

Home Equity Loans are Available!

Receive a quote on a Home Equity Loan today 👇

I Want My Home Equity Loan Quote!

What is a Home Equity Loan?

A Home Equity Loan allows homeowners to borrow against the equity they’ve built up in their property. Equity is the difference between your home's current market value and the outstanding balance on your mortgage. These loans are typically offered as a lump-sum payment with a fixed interest rate and repayment term.

Home Equity Loans are often used for major expenses like home renovations, debt consolidation, or large purchases. Since the loan is secured by your home, interest rates are generally lower than unsecured loans or credit cards.

This type of loan is commonly used by real estate investors and businesses looking to purchase or refinance income-producing properties.

Home Equity Loan Qualifier

Documentation for Home Equity Loans

Proof of Income

Recent pay stubs, W-2s, or tax returns to verify your ability to repay the loan.

Property Appraisal

A current appraisal to determine your home's market value and how much equity you can borrow against.

Mortgage Statement

Your latest mortgage statement to show the outstanding balance and calculate available equity.

How Does a Home Equity Loan Work

Determine Equity

A lender will assess your home’s current value and subtract the mortgage balance to calculate available equity.

Loan Approval

Based on credit, income, and equity, a lump sum is offered with fixed payments over a set term.

Fund Usage

Borrowers can use the funds for a wide range of needs—home improvements, medical expenses, tuition, or debt payoff.

Eligibility Requirements for a Home Equity Loan

Credit Score

Typically 620 or higher

Home Equity

At least 15-20% equity in your home

Debt-to-Income Ratio

Preferably below 43%

Employment & Income Verification

Proof of stable income

Property Appraisal

To confirm the home’s current market value

Benefits of a Home Equity Loan

Lower Interest Rates

Since the loan is secured by your home, rates are often lower than credit cards or personal loans.

Fixed Monthly Payments

Predictable payment amounts help with budgeting and financial planning.

Large Lump Sum

Access a significant amount of cash at once—ideal for big expenses or investments.

Calculate Your Payments

Use our Payment Calculator to estimate your monthly mortgage payment. You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.

Live Market Pricing

Welcome to our comprehensive live market pricing feature! We understand that securing the best mortgage rate is crucial when making one of life’s biggest investments.

Loan Process

Welcome to our comprehensive guide to the loan process. Whether you’re a first-time homebuyer or experienced investor, understanding the steps involved in securing a loan is crucial. We’re here to simplify this journey for you.

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2026 | NEXA Lending LLC.
Licensed In: FL,NC,VA, NMLS # 455310 | NMLS ID 1660690 | AZMB #0944059
Corporate Address : 5559 S Sossaman Rd Building 1 #101, Mesa, AZ 85212

Phillip Services all of

Florida, North Carolina, Virginia