Unlock your vault with a Home Equity Loan.
With the equity you’ve built, your home is a real “safe” place! By paying your monthly mortgage, you’ve been building a vault. The equity you’ve established in your home stores a generous supply of cash for you to unlock. Open this vault with an affordable Home Equity Loan from Option 1. Get the funds to have fun without draining your savings or relying on the absurd rates of credit cards.
Take advantage of our Fixed Rate Home Equity Special
Looking for some relief from that mountain of bills? Overwhelmed with things to pay for? We can help!We'll lend you the cash you need at a fixed rate that's truly hard to beat. Now you can wave goodbye to your bills and simplify your finances with an Option 1 Home Equity Loan at a greatly reduced rate:
6.65%
7-year fixed APR*NO Closing Costs!
Call our loan team today:
In Grand Rapids: 616-243-0125 or 800-323-2129
In Lansing: 517-319-1300 or 800-533-8559
*Can not be used to refinance existing Option 1 debt. Your Annual Percentage Rate (APR) will be based on your credit and loan term, as low as 6.65% for terms up to 7 years (84 months). Loan-to-value ratio not to exceed 80% to qualify for this rate. If appraisal is needed, borrower to incur cost. Payment Example: The monthly payment for $20,000 financed at 6.65% APR for 84 months is $295.63.
Other Home Equity options at Option 1:
Open End Equity Line of Credit
A variable-rate revolving line of credit that offers the ultimate in convenience. Simply write a check to access your funds. Having cash ready when you need it gives you the flexibility to take advantage of opportunities that won’t wait. We also allow interest-only payments on all Home Equity Lines, offering you the power to decide how much you'd like to repay from month to month.
Fixed Rate 100% Equity Loan
This is the perfect loan for planning large purchases you want to pay for over time, such as remodeling projects, college tuition or consolidating high-rate credit card bills. The fixed monthly payment makes it easy to plan your household budget and you can borrow up to 100% of your home’s equity.
With all Option 1 Home Equity programs, you’ll receive a low rate, extended repayment terms and your interest could even be tax deductible (contact your tax advisor). And unlike some other programs, an Option 1 Home Equity loan has no application fee, no annual fee and there are no closing costs on the Line of Credit and 100% Equity Loan.
Applying for a Home Equity Loan is easy
Just follow our 3-step process:- Step 1: Gather the documents needed (listed below)
- Step 2: Fill out a loan application
- Step 3: Send or bring the documents and application to any Option 1 office (Additional information may be required. If so, we will contact you.)
Documents Needed to Apply for a Home Equity Loan
- A current property tax receipt
- Homeowner’s insurance policy
- First mortgage document and a statement showing your present mortgage balance, if applicable
- Title insurance policy, survey and appraisal, if available
- Current wage receipt. If self-employed, previous year’s tax return
- Complete loan application (Use our on-line application)
- Signed disclosures and good faith estimate (will be mailed or given to you by Option 1)