Home Equity is
the credit offered to homeowners on the accumulated equity
of their homes. The amount of money available for these
loans is based on how much the homeowner has actually paid
so far on the house itself, excluding other payments, such
as interest on the mortgage.
This program allows you to use the equity in your home to
purchase a new car, finance a college education, or put in
that swimming pool you always wanted. A home equity loan
gives you the advantage of deducting the mortgage interest
rather than paying the higher rate charged on most consumer
loans. Terms are available up to 15 years. This could be the
perfect loan to allow you to consolidate all of your bills,
including high interest credit card debt, into one monthly
payment with tax deductible interest.
Here are two
common types of products offered:
Home Equity Loan
Predictable monthly payments, flexible terms, fixed interest
rates and the possibility of tax-deductible interest.
Home Equity Line of Credit
Money when you need it to use as you see fit. Revolving
credit with variable interest rates. Competitive rates.
Interest may be tax-deductible. Multiple ways to easily
access your line of credit.
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