Home Equity
Loans in Ohio

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If you need financing to make repairs or upgrades to your home or to use on other expenses, one flexible option worth considering is a home equity loan.

With this lending product, you can get the funding you need in a form which works for you.

What are Home Equity Loans?

A home equity loan is classified as a second mortgage. When you take out a home equity loan, you are borrowing against your home equity, which acts as collateral.

Home equity loans coming two varieties.

Lump sum home equity loans:

When you opt for this type of home equity loan, you receive the full amount that you are borrowing all at once. The loan is due back over the term you agree on. Every month, you make a payment in a fixed amount.

Home equity lines of credit (HELOCs):

This option works much like any other line of credit. Based on your qualifications, you will be approved up to a certain limit. You get to choose how much to borrow, and you only pay interest on that.

Each type of home equity loan has advantages and disadvantages. You can learn more about these during your consultation so that you can choose the type of home equity loan which is right for you.

Benefits of a Home Equity Loan in Ohio

Here are a few of the reasons why first time and repeat homebuyers choose FHA loans:

You have control over how you use the funds you receive. Many borrowers use home equity loans to finance upgrades or repairs to their homes. You can use a home equity loan for anything you want, however, even if it has nothing to do with your home.

Home equity loans are flexible, and you get to pick how you want your funds disbursed.

Interest rates on home equity loans tend to be affordable, especially in comparison to credit card interest rates.

If you have built up substantial equity, you may be able to qualify to borrow a hefty sum.

Note that the closing costs of a home equity loan to me to be accounted for. You will need to figure out whether you can afford them, and whether the benefits of the loan outweigh its costs.

Do You Qualify for an Ohio Home Equity
Loan?

To be approved for a home equity loan, you will need to meet these requirements:

Your credit score should be around 620 at a minimum. The higher your score is, the more affordable your loan will be.

Your debt-to-income ratio is expected to be 43% at the maximum in most cases, though there may be some flexibility. The lower your debt-to-income ratio is, the more bargaining power you will have.

Lenders will consider your employment history.

How much equity you own your home is another major factor for approval. At a minimum, you should own 15-20% equity. The more equity you have, the more money you can be approved to borrow.

What Our Clients Are Saying

Joshua Yakunich
Joshua Yakunich
18:29 14 Oct 19
James was a pleasure to work with. I truly felt like he was working for me, to help me through the process of buying a home. He also offered excellent tips on how to structure the loan when it came to the down payment and buying points. I’d recommend him to anyone.read more
Marcus Gorman
Marcus Gorman
16:08 14 Oct 19
James and his team were incredibly helpful with our refinance. Always available, always helpful and never put out by change requests this was truly a great experience. We look forward to completing our kitchen remodel. Thanks again James and Liberty!!!read more
Bobbi Jo Cea
Bobbi Jo Cea
13:56 15 Aug 19
it's been a few years since I bought real Estate. I can tell though James and his team at Liberty Capital were amazing during the process. They were able to find the product to get my deal done, a rehab loan is a little different. Their team made my dream home a reality!read more
Bobbi Jo Cea
Bobbi Jo Cea
13:56 15 Aug 19
it's been a few years since I bought real Estate. I can tell though James and his team at Liberty Capital were amazing during the process. They were able to find the product to get my deal done, a rehab loan is a little different. Their team made my dream home a reality!read more
Jeff Musi
Jeff Musi
16:07 14 Aug 19
Used Liberty Capital for a refinance and was pleased with the ease of getting it done. Everything went smoothly and their automated system was very efficient for information transfer. James and his team did an outstanding job! If you are getting a loan or refinance, I strongly suggest that you contact this team.read more
Jared Kenyon
Jared Kenyon
15:21 14 Aug 19
James is the ultimate professional and was able to make a very stressful process very smooth. He has a unique ability to look at all scenarios in a unique way so that you get the best deal possible. I would definitely recommend James McBain to any friends or family who are looking to purchase or refinance a home.read more
Brian Ramey
Brian Ramey
00:36 21 Jun 19
This is the second time we have worked with James getting financing for a home purchase. He has been amazing to work with both times. He is extremely knowledgeable, responds quickly and just someone you know you can trust- which is extremely important when making such a large purchase. I would recommend James to anyone!read more
Marc s
Marc s
16:33 29 May 19
Ken, James and the whole team at liberty loans are the only people I would ever recommend for a home loan or refi! To put it simply, they just know how to get the deal closed!
Stefanie Villasante
Stefanie Villasante
14:30 29 May 19
Liberty Capitol was great to work with. Ken, James, and ESPECIALLY Laura all made the closing process so smooth and easy. If I needed anything they were an email, phone call, or text away. They kept costs low for me, and saved me money on my closing. If I ever buy another house, I wouldn't hesitate to use them again. Great team, nice people!read more
Lani Ciera
Lani Ciera
13:39 22 May 19
My husband and I just closed on our first home yesterday and we couldn't have done it without James and his amazing team at Liberty Capital Services! James actively worked with us throughout the entire process; helped us to improve our credit, didn't pressure us or make us fear for this huge purchase, and made the entire process enjoyable and stress free! He and his team are amazing and truly care about their clients. Thank you Liberty Capital!read more
Ian Mcmahan
Ian Mcmahan
11:17 22 May 19
If you are thinking of buying or refinancing your new home, well look no further! James from Liberty Capital made our first home buying process effortless and stress free. He and his team were absolutely amazing and we were lucky enough to have worked with them!read more
Alexandra Tran
Alexandra Tran
20:00 22 Apr 19
I had a great experience with Liberty Capital. They made the process extremely easy and I was able to close sooner than expected. They really made the process seamless and I recommend them to anyone looking to buy a home!read more
Robert Moore
Robert Moore
19:42 22 Apr 19
I strongly recommend Liberty Capital. They were straightforward and were extremely FAST and HELPFUL with the entire process. I highly recommend Liberty Capital they were consummate professionals during the mortgage process.read more
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Apply Now for a Home Equity Loan in Ohio

Ready to get the financing you need through an affordable and flexible home equity loan? To apply today, please call (614) 505-0620 to schedule your consultation. While our main focus is home equity loans in Ohio, we also serve customers in California and Florida.

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