This home equity loan calculator will provide you with your monthly home equity loan payment amount based on your inputs. In this article, I provide a stepbystep guide to help you through the process of refinancing your vehicle from beginning to end.1) Call the mortgage department and request an official principal payoff letter. Yes, if you take out a home equity loan you'll have a greater debt load on your home. Payoff requests should be faxed to 847-932-8266. Payoff letters are often requested when one. (1) sells one's home;. The purpose of a home equity line of credit or a home equity loan is to improve your home a repair a new roof an addition a renovation. William Clark Jr. ("Borrower") timely appeals from a final judgment foreclosing a mortgage in favor of South State Bank, N.A. ("Lender").