Home Equity Loans

Home Equity Loans are backed by the value you’ve built up in your home.

Home equity loans are second mortgages designed to make homeowners' equity accessible to them so that they can easily cover major expenses like home renovations, debt consolidation, or paying for education. They are very popular because they allow you to access your home's equity to cover a variety of needs, with fixed rates and regular monthly payments, while leaving your existing first mortgage as is.

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Who is eligible for a Home Equity Loan?

Home Equity Loans require that you already own a home and have built up equity. What does that mean? It means that your home is worth more than you presently owe on your mortgage. Most lenders require at least 10–20% equity in the property, a credit score of 660 or better, and good job/income history to ensure you have enough to pay for the additional monthly payment. Debt-to-income ratios are usually required to be less than 43%, with exceptions up to 50% considered with compensating factors. Home Equity Loan terms and interest rates best suit those who want fixed monthly payments for paying for major expenses such as home improvement, college education costs, or consolidating debts.


Benefits of Home Equity Loans:

  • Fixed interest rate for the life of the loan

  • Fixed monthly payments for a set repayment term

  • Get the cash you need without changing the interest rate on your 1st Mortgage

  • Having a pool of cash available at closing

  • Potentially lower interest rates than credit cards or personal loans

  • The interest may be tax-deductible (consult your tax advisor)

  • Recommended option for people who want predictability and a lump sum payout

Helping First-Time Home Buyers & Homeowners Across Wisconsin

At Educated Mortgage Services, we provide expert mortgage solutions for first-time home buyers and all home purchasers across Wisconsin. Whether you’re looking for a low down payment option through WHEDA’s first-time home buyer programs or a conventional loan, we offer tailored financing solutions to meet your needs.

WHEDA loans provide affordable pathways to homeownership with down payment assistance and competitive rates, making it easier for first-time buyers to transition from renting to owning. Additionally, we offer conventional, FHA, VA, and jumbo loan options for those looking to refinance or purchase a new home.

Below are some of the cities we serve, but we aren't limited to these locations: