Home Equity Loans
A home equity loan is a fixed or adjustable rate loan secured by the equity in your home as collateral. If you’ve been paying your
home loan mortgage for some time and have equity built up in your home, a home equity loan allows you to access that cash for personal use.
- Can get loan in lump sum or line of credit
- Generally, mortgage rates are higher than a home equity line of credit
- Frequently has tax benefits, consult your tax advisor regarding the deductibility of the interest
Home Equity Line of Credit
A home equity line (HELOC) of credit is an open-ended variable interest rate loan, paid as revolving line of credit secured by the equity in your home. HELOCs are very similar to standard home equity loans but act more like a credit card instead of a lump sum.
- Works similar to a credit card, revolving line of credit as needed
- Frequently has tax benefits, consult your tax advisor regarding the deductibility of the interest
Best Ways to Use the Equity in My Home
Access Cash for My Home Renovations
Don’t wait to renovate; transform your home into a dream home.
Get Cash for My Home Improvements
Use the cash to remodel your home and enhance its value. Increasing your cash flow can help you to remodel your home and increase the real estate property value. Home equity loans can help you avoid credit card debt, get a low interest rate and leverage the tax advantages.
Consolidate My Debt
Have one low rate monthly payment by paying off all of your high interest debt. Home equity loans allow you to use your home equity like a checking account and pay off your debt as needed. Take control of your finances, gain security from rising interest rates and leverage your home equity for possible tax benefits.
Take My Dream Vacation
Enjoy your new security and have the option to treat yourself to a grand vacation. Use your home equity to pay for your vacation and gain peace of mind.
Pay for My Major Purchases
Make it simple and pay off your major purchases with a home equity check. Your budgeting just got easier with one low consolidated monthly payment. With a low rate home equity loan you can be savvy; increasing your cash flow and securing your finances.
Pay for College Tuition
Give your child the gift of college education. Use a low rate home equity loan and leverage all of the tax advantages. You can use all of the equity built up in your home and pay for college expenses with a home equity checking account.