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:
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