HOME EQUITY LOANS

Take advantage of the equity in your home to borrow for such things as college tuition, debt consolidation, purchase an auto or a boat, remodel your home, etc.

Home equity is considered to be the current market value of your residence, less the balance of any loans secured by your residence. For example:
 

Current Value of Home $ 80,000   x .80 Subtotal $ 64,000 Less Present Mortgage Balance $ 20,000 Approximate Equity Loan Value $ 44,000

Interest on home equity loans may be tax deductible.

Home equity lines of credit provide for fast, convenient access to loan proceeds. Use checks to access your line of credit. Interest is charged only when you use the line of credit.

Home equity loans allow you to make regularly scheduled loan payments for a variety of borrowing needs.