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 monthly 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 is valued at $200,000.00, and you owe $100,000.00 on your Mortgage, you may qualify for a loan amount of up to $60,000.00. There are no prepayment penalties and interest paid could be tax deductible.
Home Equity proceeds can be used for anything you choose: