Taking out a Home Equity Loan or Home Equity Line of Credit (HELOC) is a great way to pay for the large purchases or other life events, such as college tuition, consolidating bills, booking that dream vacation or planning a wedding. And because you’re borrowing against the value of your home, your interest rate is usually quite low and may also be tax-deductible.
A Home Equity Loan (also known as a second mortgage) offers a rate for the life of your loan with payment amounts that never change. You receive the entire loan amount at the time of closing.
A Home Equity Line of Credit gives you the option of borrowing only what you need, when you need. Our HELOC is a revolving loan, allowing you to repay only the accumulated interest for a portion of the HELOC term. You can also make additional payments to reduce the principal balance. You can access your HELOC funds at any of our branch locations, by writing a check, or transferring funds online.
Let our mortgage professionals help you determine the mortgage product that best meets your needs. Get started today and contact our Mortgage Loan Consultant at 216-535-3117.