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 WHAT IS HOME EQUITY?
Home equity is the difference between the market value of your home and what you currently owe on your mortgage. That "equity" can be used to meet a wide variety of your financial and/or personal needs. There are four basic types of home equity loans:
Home Improvement - Add a room, fix a kitchen, or build a swimming pool and hot tub. Use your imagination!
Debt Consolidation - Pay off high-interest rate credit cards, installment loans, car loans, or any other high monthly payments. Sleep easier!
Cash Out - Here you are simply taking the cash and using it for whatever you like, such as; an investment, a child's education, a vacation, etc. It's your choice!
HELOC - (Home equity line of credit) - This is basically like a checking account. You obtain the line of credit and use it only when you need it, and repay it when you don't. You can do this over and over again. You only pay for the interest when you actually use the money. Convenience!
Whatever your needs, our team is there and ready to help you evaluate your situation, so you may determine what options are best for you. As there could also possibly be tax deduction benefits, a home equity loan may be just what you need to help you fix your home, pay off debt, or simply help your family grow, prosper, and enjoy life.
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