Do you want to have access to a line of credit at a reasonable interest rate, with interest you may be able to deduct to lower your income taxes*? Consider a Home Equity Line of Credit — you determine when you draw funds and when you pay back principle. You’ll have access to borrow on your line for ten years; after that time, any remaining balance will be payable on a ten-year repayment term. The interest is a variable rate of interest which can change monthly. Required monthly payments during the draw period are interest only; payments for the repayment period are based on full principle and interest. An annual fee is required. This product cannot be combined with a purchase transaction.
*Consult your tax advisor. Deductibility of mortgage interest may vary dependent on your individual tax situation and purpose of loan funds.
With a Home Equity loan, you save time and money vs. traditional mortgage refinancing. You can use the equity in your home for almost any reason and choose from a variety of loan terms. Remodel your home, pay for educational expenses, or even buy a car — the possibilities are endless. Unlike a Home Equity Line of Credit or revolving credit cards, these loans are for a fixed period, with a fixed rate of interest.