Have you been putting off a major home repair project, renovating a room in your house, or perhaps installing a patio or deck?
If so, now is the time to show your home some love and take care of those projects. With a Home Equity Fixed-Rate Loan or a Home Equity Line of Credit, you can borrow money for major expenses related to your house, and also for things like tuition and life events.
Home Equity Fixed
Rate Loan Use the equity in your home — the difference between the market value and any outstanding amount you owe — for a one-time expense. Borrow up to 80% of your home’s equity up to $150,000. The loan is disbursed in one lump sum. There are no prepayment penalties if you pay the loan off early.
Equity Line of Credit
A line of credit gives you a replenishing cash reserve of up to 80% of your home’s equity up to $100,000. This is a great option for long-term projects or back-up funds as needed. Terms up to 20 years are available, but you can pay off your loan early without any prepayment penalties.
Stop by our Main Office to talk more about the differences between these two types of loans and to apply for the one that best suits you.