Your home can be a powerful financial tool.
One of the many benefits to home-ownership is being able to access cash, through the value built into your home. You can do this when your home's value is higher than what you owe on a mortgage and the more equity you have, the more should have access to borrow. Using your home as collateral, you can borrow against it to finance major expenses.
We offer a couple home equity options for accessing the equity in your home for planned or unexpected expenses, such as education, home improvements, medical expenses, debt consolidation, and more.
Home Equity Line of Credit
With a home equity line of credit, or HELOC, your credit line is based on a percentage of your home value, less the balance you owe. Customers can choose when and how often to borrow against this line to help pay for major items.
Home Equity Loan
An alternative to a line of credit is a home equity loan which provides you with a fixed amount of money, repayable over a fixed period. You may consider a second loan instead of a home equity line if you have a set amount needed for a specific purpose.
If you are interested in using the equity in your home, any of our lending specialists can help you determine the best option for your needs.
Home equity vs. home improvement loans
If you have enough equity in your home, a home equity loan or HELOC offers a very affordable rate to borrow money for renovations or other large expenses. If you don’t have enough equity, home improvement and construction loans are a convenient alternative. Not sure which one is best for you? Our friendly local mortgage lenders can help--contact us today!