Personal Loans

Is it time for a new vehicle or a room addition for your growing family? Is there a special purchase you want to make?

Credit, wisely used, can improve the quality of your life.

There are different loan products for different needs. Here are some examples:

An installment loan – Installment loans require repayment of a set amount according to a set schedule. Normally, you must pledge some sort of collateral as security for the loan. A car loan, for example, uses the vehicle for security.

To calculate monthly payment amounts for various loan sizes, go to Financial Tools. We have an online Personal Loan Application available if you'd like to apply now.

A home improvement loan – These loans are similar to installment loans but are normally secured by your equity in your home. Funds are borrowed all at one time and paid back over a set period of time. The interest on these loans is often tax deductible (consult you tax advisor).

A credit card – A credit card lets you borrow money as you need it within a predetermined limit and pay it back whenever you wish subject to minimum monthly payments.

Home Equity Loans

If you are a home owner, using the equity in your home is one of the most cost-effective ways to borrow money.

Why?

Because the interest on these loans is usually tax deductible. The interest that you pay on other loans is not. Please consult with your tax advisor on the deductibility of interest. Also, loans secured by a home normally carry a lower interest rate.

How much do I qualify for?

You may be able to borrow up to 90% of your home's appraised value less any mortgage balance outstanding. For example:

Let's assume that your home just appraised for $120,000 and your 1st mortgage at the bank is $65,000.

90% of $120,000	=	$108,000
Less the 1st Mortgage	=	-  65,000
Available Equity	=	$  43,000

 

When should I use a home equity loan?

These loans are ideal for large expenditures, remodeling costs, or debt consolidation. They can be amortized over varied lengths and the fixed rate guarantees that the payment will not change. Please contact our offices for current rates and terms.

When should I use a home equity line of credit?

A credit line is the solution for those who want the flexibility to borrow on and as needed basis. You are billed for interest only on the funds that you have used and principal may be paid at any time. Once the principal is paid, it becomes available to borrow again.