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Home Equity Loans
Put Your Equity to Work for You!

Did you know that the equity in your home may be an inexpensive source of credit? It has the potential to fund financial goals for you and your family.

Borrowing against the equity in your home offers two major benefits:

1. Lower interest rates than most other forms of credit.

2. Interest you pay may be tax-deductible.

Debt consolidation is just one of the many uses for your home's equity. The low interest rate, coupled with any tax break, can make it possibly the least expensive borrowing option available. You may be able to consolidate your higher-interest debts into one, lower monthly payment.

In addition, you may want to consider borrowing against your equity to fund such goals as:

  • Home remodeling
  • A wedding
  • College tuition
  • A dream vacation
  • A new vehicle or boat

There are two simple ways to get at the money built up in your home:

1. Home Equity Loan

2. Home Equity Line of Credit

Home Equity Loan: Sometimes called a second mortgage, a home equity loan allows you to borrow a lump sum to be paid back in monthly installments over a specified periods. This loan option is best for major purchases or one-time expenses, such as a home remodeling project. Most home equity loans have a fixed interest rate for the term of the loan.

Home Equity Line of Credit: Rather than receiving a lump sum, this option lets you borrow against a given credit line as you need it. You can access your money by writing checks linked to the account. This option is good for expenses that are paid in installments, such as college tuition. Interest accrues only on the amount you actually use. Home equity lines of credit generally offer an adjustable rate with a minimum monthly payment based on the outstanding balance.

Whether you should apply for a home equity loan or line of credit will depend on your personal circumstances. Contact one of our loan specialists today to learn you options so you can get on the road to reaching your goals.


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