Home Equity Loans
A home equity loan is secured by your home and enables you to access your available equity.
It has a fixed rate with fixed payments. A home equity loan can be a good way to deal with unexpected situations and opportunities and you may borrow up to 80% of your home value. For example, if your home appraises for $200,000.00 and you owe $100,000.00, you may qualify for a loan amount up to $60,000.00. There are no prepayment penalties and the interest could be tax-deductible. (Please consult with a tax professional for more information.)
Home Equity Loans can be used for any purpose:
- Consolidate debt
- Pay for education
- Repair or remodel home
- Purchase a vehicle
- Lower interest rate
Home Improvement Loans
If you're planning to do major renovations and improvements to your home, you may want to consider a traditional home improvement loan.
Doing improvements could potentially add value to your home. You may borrow up to 90% of your home value, including 50% of your bid for improvements done outside i.e. pool, fence, landscaping, and 75% for improvements done from within i.e. room addition, kitchen remodel, bathroom remodel etc.
Benefits of a Home Improvement Loan
- No prepayment penalty
- Fixed rate and variable rate options available
- May potentially finance the entire cost of the project if all liens do not exceed 90% of your home's value.