A Home Equity Loan lets you borrow money by tapping into the equity you've built in your home - giving you the flexibility to access funds as you need them. Similar to a credit card, but with the added benefit of lower fixed interest rates.
With a home equity loan, you can potentially borrow up to 80% of your home's appraised value, minus any remaining mortgage balance. During the "draw period" you can withdraw funds, repay them and borrow again - giving you the flexibility to manage ongoing expenses.
Why Choose a Home Equity Loan?
- Flexibility: Borrow only what you need, when you need it, for home improvements, consolidating high interest debt or even college expenses.
- Fixed Interest Rate: Home equity loans offer fixed interest rates for the term of the note.
- Pay As You Go: Make interest-only payments during the draw period.
With a home equity loan, you can love your home again - using the equity you've built for a kitchen remodel, a dream bathroom or add a beautiful outdoor living area.
Ready to get started? Contact a Personal Banker to talk about how a Home Equity Loan can work for you!
