A home equity loan may have a variable interest rate or a fixed interest rate. Proceeds can be used for anything you may need assistance with including but not limited to: home remodeling, tuition, and bill consolidation. You may choose a Home Equity fixed rate loan and receive your funds in a lump sum or a Home Equity Line of Credit, a variable interest rate loan that has the flexibility to draw funds on the line of credit upon request.
- Terms available up to 15 years
- Home equity loans available up to 90% (for qualified borrowers) of the value of your home, less the current mortgage
- Lump sum distribution of loan proceeds at closing
- No closing costs to qualified borrowers
- Fixed payment, term and interest rate
- May be tax-deductible (consult your tax advisor)
- Debt protection available
- Variable rate based off of prime rate
- Home equity loans available up to 90% (for qualified borrowers) of the value of your home, less the current mortgage
- Has a 10-year draw period and a 10-year repayment schedule
- No closing costs to qualified borrowers
- May be tax-deductible (consult your tax advisor)
- Debt protection available
