Home Equity

 

A home equity loan is secured by your home and enables you to access your available equity. It offers a fixed rate with fixed payments.  A home equity loan can be a good way to deal with unexpected situations and opportunities. You may borrow up to 80% of your home's value.  For example, if your home appraises for $200,000.00 and you owe $100,000.00, you may qualify for a loan amount of up to $60,000.00. There are no prepayment penalties and interest could be tax deductible.

 

 Home Equity proceeds can be used for anything you choose:

• Consolidating debt
• Paying for education
• Home repairs/remodel
• Purchase a new vehicle
• Lower interest rates