If you own a home and are looking to borrow money, consider the benefits of a home equity loan or line of credit.
Home Equity loans and lines can be used to pay for a variety of things including home renovations, consolidating debt, college tuition, major purchases and more.
Consider the benefits.
A Home Equity loan or line of credit gives you cash that you can use any way you wish. You can:
- Borrow up to 89.9% of the fair market value of your home.
- Interest rates are typically lower than credit cards and other loans.
- The interest paid may be tax-deductible; consult a tax professional to assess your situation
Understand the risks.
Since a Home Equity loan uses your home as collateral, you also need to consider potential risks:
- You can lose your home for missing payments.
- The maximum amount borrowed is a portion of your home's value which is determined by the market so if the market takes a down turn you can owe more than your house is worth.
Take the next step.
To find out if a Home Equity loan or line of credit is right for your situation, contact one of our loan officers.