With Ocean Financial’s Fixed Home Equity Loan you can leverage the available equity in your home for large expenses, or to consolidate debt. All this with peace of mind that your budget will be preserved – your monthly payment will remain the same over the life of the loan.

How does it work? Your home equity is based on the difference between the appraised value of your home and your current balance on your mortgage. For example, if the value of your home is appraised at $200,000 and you still owe $150,000, your available equity is $50,000.

Because this loan is secured by your home, a Fixed Home Equity Loan is easier to qualify for and is provided in one lump sum. You pay back the loan amount with regular monthly payments that go toward accrued interest and principal for the agreed-upon number of years.

Home repairs, tuition expenses, debt consolidation, a much needed vacation, a Fixed Home Equity Loan provides:

• Flexible terms up to 20 years.
• Fixed rate for the life of the loan.
• Loan made up to 80% of the value of your home.