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Home Equity Loans

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Home Equity Loans are secured loans with the equity in your residence as the factor for your credit limit.

The interest you pay is usually tax deductible when filing your Federal Income Tax. (You should consult your tax advisor when filing.) Once a Home Equity Loan is approved, a first or second mortgage is recorded against your primary residence.

You may choose a Fixed Rate Home Equity Loan or a Variable Rate Line of Credit.

Access the accumulated equity in your home as you need it. With a Home Equity Line Of Credit Loan, an established line of credit is opened equal to 75%of the available equity in your home less your first mortgage. You access that available equity as you need it. You don't need to reapply each time you need money to fix the roof, plan a special trip, pay tuition, or fund any other need. The rate is variable and ranges from a floor of 7.49% APR* to a cap of 18% APR*.

*Annual Percentage Rate

You can access up to 85% of the equity in your home less your first mortgage with a Fixed Rate Home Equity Loan. Loans are available for terms from 5 years to 20 years. There are no points, and the fixed rate is based upon the term of  the loan. You can use the equity for any purpose. The fixed rate ensures that your payments will stay the same for the life of the loan.