For a one-time major expense, a Home Equity Loan that is disbursed in one lump sum is the way to go. Pay it off whenever you’d like before then, as there is no prepayment penalty. Borrow up to 80% of your home’s equity, a maximum of $150,000, and put it to work for you.
Unlike a fixed-rate loan, a line of credit gives you a replenishing cash reserve that can amount to as much as 80% of your home’s equity, up to $100,000. This option is a better choice for long term projects, or just as backup funds for needs as they arise. Line of credit funds are accessible by CU Online home banking and MacLine voice response, as well as by regular telephone requests. Payments are based on a 20-year term, but like all our loans, can be paid off early without penalty and interest is charged only on the declining balance.
Unlike other loans, the interest you pay on a home equity lending product may be tax-deductible. Consult your professional tax advisor to find out what the possible tax advantages would be in your case.
Calculate how much you could borrow with a home equity loan or line of credit using 80% of your home’s equity:
For example, let’s say your home’s current appraised market value is $200,000 and your outstanding mortgage balance is $110,000. Eighty percent of $200,000 would be $160,000. Subtract $110,000 from that and you have the amount you can borrow: $40,000.
When you get a home equity loan or line of credit, you use the deed to your home as collateral. Be sure to exercise caution in using the funds or you may find yourself in over your head and at risk of losing your home. The consequences of defaulting on a home equity loan are obviously worse than those for failing to pay many other debts.
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