When looking at your options to help you make a life change, it can be overwhelming trying to determine which is the right loan or credit option for your specific situation. Home equity loans1 are an often overlooked, but viable option. Learn more about how tapping into your home equity can help you reach goals, pay down debt or even make upgrades to your home!
What is a Home Equity Loan?
A HeLOAN, also known as second mortgage, lets you borrow money against the value of your home. If you've diligently paid your mortgage, over a period of time, you'll build up equity in your home. If this is the case, and your home is worth more than you owe on it, a home equity loan can provide you with the money you need for almost anything you have in mind. Costs do not have to be used for home-related expenses!
Features & Benefits
- Borrow a specific amount of money with a fixed rate, term, and monthly payment
- Flexible terms and competitive interest rates
- Interest you pay may be tax deductible2
- Pay in full anytime with no penalty
- Make payments online, by mail, or at your local branch
Common Uses for a HeLOAN
- Debt Consolidation: If you're paying high interest rates on your credit cards, a home equity may allow you to consolidation your debt at a more manageable interest rate.
- Pay for Major Expenses or Life Events: A home equity loan may be a smart way to pay for an unexpected life event, like a wedding, without racking up debt on your high-interest credit card
- Renovate or Upgrade Your Current Home: By making renovations and upgrades to your home, you're essentially reinvesting in your property value! Home equity can be used for minor upgrades or full-scale remodels.