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 80% 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.

80% of $120,000 = $ 96,000
Less the 1st Mortgage = - 65,000
Available Equity = $ 31,000

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 an 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.

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