Debt Consolidation
Rolling higher-rate balances into one fixed monthly payment can lower what you pay each month and simplify what you owe.
- Credit card balances
- Personal loans
- Store financing
- Medical debt
What is a Home Equity Loan?
Your home equity is the difference between what your home is worth and what you still owe on it.
As you pay down your mortgage and your home's value grows, that equity builds. A home equity loan lets you convert a portion of that equity into a lump sum you receive upfront, repaid over a fixed term at a fixed rate.
Why Choose Pelican
Borrow With Certainty
Borrow Up to 100% of Your Home's Value
Pelican lends up to 100% of your home's appraised value for qualifying borrowers. The equity you've worked to build is yours to put to work.
Fixed Rate for the Life of the Loan
Your rate is locked at closing and never changes. You'll know your exact monthly payment from day one, with no adjustments tied to market conditions.
One Lump Sum, Upfront
You receive the full loan amount at closing, making this the right fit for expenses with a defined cost. No draws, no revolving balance, no guesswork.
Use the Funds for Anything
Home improvements, debt consolidation, medical bills, education expenses — there's no restriction on how you use your loan. Put it toward what matters most.
Interest May Be Tax Deductible
Interest paid on a home equity loan or line of credit may be tax-deductible. Consult a tax advisor for more information.
Simple, Transparent Costs
A $150 processing fee is due at closing. Certain third-party closing costs, including title insurance, appraisal, and survey fees, are disclosed upfront. No surprises. Plus, lender credits are included.
Ways to use your loan
Common Ways to Use Your Home Equity
Home equity loans are ideal for covering expenses that have a specific cost. Members often utilize them for:
Home Improvements and Renovations
Your home is one of your biggest investments. A home equity loan lets you improve it on your terms, with a rate that's locked and a payment you can plan around.
- Kitchens
- Bathrooms
- Home Additions
- Outdoor Living Spaces
- Flooring & Finishes
Major Purchases
For large, one-time expenses with a known cost, a lump sum at a fixed rate is often the most straightforward way to pay.
- Vehicles
- Appliances
- Furniture
- Equipment or tools
Medical Expenses
When insurance doesn't cover everything, a home equity loan gives you a predictable way to manage the remainder without disrupting your cash flow.
- Procedures and surgeries
- Ongoing treatment costs
- Out-of-pocket deductibles
- Family medical needs
Emergency Fund Backup
Some of life's most important moments come with significant costs. A home equity loan gives you the funds upfront, with a payment you can plan around.
- Weddings
- Adoption expenses
- Funerals and final expenses
- Family relocations
HELOC vs. Home Equity Loan
Key Features
Revolving line of credit
Pay only on what you draw
Variable interest rate
Fixed interest rate
Access available credit without re-applying
Predictable fixed monthly payment
Use funds for any purpose
Interest may be tax deductible
When is this the right fit?
You have a defined cost and want a fixed rate with predictable monthly payments.
Your expenses are ongoing, phased, or unpredictable in timing.
Getting prepared
What You’ll Need to Apply
Having your documents ready before you start helps move your application forward faster.
- 1
Proof of Income
Requirements vary by income type. Traditional employees need their two most recent W-2s and 30 days of pay stubs. Self-employed applicants should provide two years of signed tax returns. Retirement income requires the two most recent 1099s.
- 2
Additional Documentation
Depending on your application, you may also be asked for your homeowners insurance binder, most recent mortgage statement, current property tax bill, and an appraisal if required.
dedicated Support
Meet Our Mortgage Loan Officers
Pelican's licensed mortgage loan officers work with you throughout the entire process, from pre-qualification through closing. We’re here for you when you need us!