How borrowing on home equity works?

You may be able to borrow money secured against your home equity. Typically, interest rates on loans secured against home equity can be much lower than other types of loans.

Not all financial institutions offer home equity financing options. Ask your financial institution which financing options they offer.

You must go through an approval process before you can borrow against your home equity. If you’re approved, your lender may deposit the full amount you borrow in your bank account at once.