Considering a home equity loan?
Homeowners often choose a home equity loan because the benefits are too good to pass up. You can use it to pay down high-interest debts, help pay for college, buy a new car, take a vacation, and more — it’s your choice. Often, the interest is tax-deductible.
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit secured by the equity in your home. Because it’s secured by your home, lenders are able to offer you competitive interest rates. With a HELOC, you can use the money whenever you need it. This revolving line of credit is ideal for long-term goals, such as home remodeling or college expenses. It’s also a great way to finance other major purchases and save money on interest payments by consolidating your debts into one lower interest loan.
Money when you need it
Interest charged only on what you spend
Revolving repayment period
Variable interest rate
Interest may be tax deductible
Home Equity Installment Loan
This is a one-time, fixed loan secured by the equity in your home. You choose the amount and term length you need. You choose how you use the cash — home improvements, college tuition, cars, vacations, weddings, and more. Plus, you can save money by consolidating your high-interest debts into one loan.
