A home equity loan may be an excellent way to utilize the equity in your home for a variety of reasons. It may be utilized to finance:
- Educational Expenses
- Major purchases such as a boat, car, second home, or once in a lifetime vacation
- Unexpected major medical expenses
- Consolidate high finance charge debts into a lower interest rate loan.
Our Loan Consultant can find the home equity loan that's right for you and give you quotes on current interest rates and closing costs. Click on the Loan Consultant button on the right side of the page or select the specific home equity loan program that interests you to learn more about our various loan programs.
Home Equity Line of Credit
| Best Choice If:You do not need the funds immediately.
You want the convenience of having funds available.
You want to be able to reuse principal as you repay it.
You want to take advantage of tax savings (contact your tax advisor). | Advantages:15-Year draw period with additional 15-year repayment period.
Flexibility to make larger payments or re-pay at any time with no penalty.
Interest rate and payments that may adjust down with market movements.
No fees (excluding appraisals).
Streamlined application for fast approval. | Disadvantages:Variable rate may rise over time.
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15-Year Home Equity
| Best Choice If:You want a lower payment than a ten-year equity loan.
You want to take advantage of tax savings (check with your tax advisor).
| Advantages:Fixed payment for the term of the loan.
No Fees (excluding appraisals requested by borrower).
Streamlined application for fast approval. | Disadvantages:You will pay more interest than on a shorter term equity loan. |
10-Year Home Equity
| Best Choice If:You want a lower payment than a seven-year equity loan.
You want to take advantage of tax savings (check with your tax advisor).
| Advantages:Fixed payment for the term of the loan.
No Fees (excluding appraisals requested by borrower).
Streamlined application for fast approval. | Disadvantages:You will pay more interest than on a shorter term equity loan. |
7-Year Home Equity
| Best Choice If:You want to pay off your equity loan quickly.
You want to take advantage of tax savings (check with your tax advisor).
You want a lower monthly payment than the seven-year loan. | Advantages:Fixed payment for the term of the loan
No fees (excluding appraisals requested by borrower).
Streamlined application for fast approval.
Save money in interest payments. | Disadvantages:Monthly payment will be higher than a longer term equity loan. |
5-Year Home Equity
| Best Choice If:You want to pay off your equity loan quickly.
You want to take advantage of tax savings (contact your tax advisor). | Advantages:Fixed payment for the term of the loan.
No fees (excluding appraisals requested by borrower).
Save a significant amount of money in interest payments.
Streamlined application for fast approval, | Disadvantages:Monthly payment will be higher than a longer term equity loan. |
30 YR Amort/15 YR Balloon Home Equity Loan
| Best Choice If:You want to have a lower payment than a 15-year equity loan.
You want to take advantage of tax savings (check with your tax advisor). | Advantages:Fixed payment for the term of the loan.
Allows you to have a lower payment for fifteen years.
No Fees (excluding appraisals requested by borrower)
Streamline application for fast approval | Disadvantages:You will pay more interest than on a shorter term equity loan.
The remaining balance is due in full at the end of the initial 15 years (For example, on a $50,000 loan making scheduled payments for the first 15 years, the reamining balance due would be $38,062.00). You would have the option at that time to refinance that amount. |
