Loans and Lines of Credit
Making your mortgage payments each month transforms your home into an asset when you need financing. Your home’s equity serves as a valuable financial tool that can be used as a Home Equity Loan or a Home Equity Line of Credit. Here’s what you need to know:
| Home Equity Loan | Line of Credit |
|---|---|
A Home Equity Loan is a lump sum loan with a fixed interest rate and fixed monthly payments. They are ideal for one-time expenses like a home remodel, a vacation, purchasing a vehicle or virtually anything else. | A Home Equity Line of Credit is useful for times when you don’t need all your money up front or have changing cash flow needs. You can draw on your line of credit as needed, allowing you payment flexibility on a fixed interest rate. |
Interest payments on Home Equity Loans and Lines of Credit may be tax deductible. Please consult your tax advisor for more details.
Schedule an Appointment
If you’d like to learn more about how you can benefit from a home equity loan or home equity line of credit, stop in to any location to schedule an appointment with a lender.