Home Equity Loan
You've put so much into your home. Now your home can pay you back. A Second Mortgage Home Equity Loan can give you the money you need to make home improvements, take a vacation, buy a new car, or pay for college. It’s a money-saving way to fund whatever you like, even take care of unexpected expenses or reduce your monthly payments by consolidating loans and other high interest debts.
- Loan funds from a Second Mortgage Home Equity Loan are given as a lump sum and offer lower rates than most personal loans.
- Substantial tax deductions may apply
- Rate and payment amount never changes throughout the life of the loan.
If you prefer a revolving line of credit, consider a Home Equity Line of Credit.
Home Equity Line of Credit
This flexible, variable-rate loan lets you use the money when you need it and only make payments on what you use. So it's perfect for home improvements or college expenses.
- Lower rates than most credit cards.
- You can choose to pay interest only, or interest and principal, each month.
- Substantial tax benefits may apply.
- The funds are available whenever you need them -- and you make payments only on the amount you use.
- Lower rates than most credit cards and usually with a much higher credit limit.
- You have the option each month for the first 10 years to pay interest only, or both interest and principal.
- Substantial tax benefits may apply
- Convenience of having the funds available whenever you need them.
- All rates are variable and will adjust monthly, according to the Prime Rate as reported in the Wall Street Journal.
- Appraisal fee may be required.
- Minimum line of credit is $5,000
- The first advance has a minimum of $5,000.00; subsequent advances can be made for as little as $1,000.00.
- Maximum line of credit is $300,000.
- Appraisal required for loan amounts over $10,000.
- *Loan to Value Ratio: Total loan amount divided by the value of the property.