|
Put your home equity to work! |
If you're a homeowner, you work hard to pay for your home.
Maybe its time to put your money to work for you with a home equity loan or line
of credit. |
|
With a home equity line of credit, the equity you've built serves as collateral.
Equity is the difference between your house's market value and the amount outstanding
on your mortgage. So if the market value is $150,000 and the mortgage balance is
$100,000, your equity would be $50,000. Typically, lenders allow you to borrow an
amount equal to 80% of your equity, or $40,000 in our example. |
|
You can use a home equity loan or line of credit for home improvement, college tuition,
a new vehicle, a vacation, medical bills, a family wedding, starting a home-based
business, and any number of other major expenditures. |
You can use our
Financial Calculators
to estimate your home equity loan:
Should I refinance?
Should I consolidate my loans?
How much can I afford to borrow?
How much will my loan payments be? |
|
Borrowing with a home equity loan or line of credit line offers two key benefits: |
|
1 |
The interest rate will be lower -- usually much lower -- than what you'd pay on
a credit card or other type of personal loan. The lender can offer you a lower rate
because your house secures your credit. |
|
2 |
The interest you pay on a home equity loan usually is tax deductible, which further
reduces the cost of borrowing. You get no such deductions from interest paid on
credit cards, car loans, and personal loans. |
|
Call our loan department for help in deciding which form of home equity lending
is best for you.
The answer usually depends on how you plan to use your funds. |
|
Call us today at 256/245.4776 or
click here to fill out our secure online request form. |