A home equity loan may be an excellent way to utilize the equity in your home for a variety of reasons. It may be utilized to finance:
- Educational Expenses
- Major purchases such as a boat, car, second home, or once in a lifetime vacation
- Unexpected major medical expenses
- Consolidate high finance charge debts into a lower interest rate loan.
Please use the Home Equity Process to learn more about obtaining a home equity loan.
Our Loan Consultant can find the home equity loan that's right for you and give you quotes on current interest rates and closing costs. Or select the specific home equity loan program that interests you to learn more about our various loan programs.
2nd Mortgage - 10 Year Fixed Equity
| Best Choice If:You plan on staying in the home long-term.
You need your monthly payments to remain fixed over the life of the loan.
You would like to pay-off the loan balance quickly.
| Advantages:Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments.
The loan balance will decrease more rapidly than a 15 Year mortgage.
| Disadvantages:Montly payments are higher than a 15-year mortgage
|
2nd Mortgage - 15 Year Fixed Equity
| Best Choice If:You plan on staying in the home long-term.
You need your monthly payments to remain fixed over the life of the loan.
You would like to pay-off the loan balance quickly.
| Advantages:Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments.
The loan balance will decrease more rapidly than a 20 Year mortgage.
| Disadvantages:Montly payments are higher than a 20-year mortgage
|
2nd Mortgage - 20 Year Fixed Equity
| Best Choice If:You plan on staying in the home long-term.
You need your monthly payments to remain fixed over the life of the loan.
You would like to pay-off the loan balance quickly.
| Advantages:Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments.
The loan balance will decrease more rapidly than a 20 Year mortgage.
| Disadvantages:Montly payments are higher than a 20-year mortgage
|
Home Equity Line of Credit
| Best Choice If:Established line of credit for immediate and future lending needs.
| Advantages:Revolving line of credit for 10 years.
No annual fee.
Secured by home. | Disadvantages:Interest rate will adjust in the future.
|
10 Year 1st Lien Equity Mortgage
| Best Choice If:You plan on staying in the home long-term.
You need your monthly payments to remain fixed over the life of the loan.
You would like to pay-off the loan balance quickly.
| Advantages:Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments.
The loan balance will decrease more rapidly than a 20 Year mortgage.
| Disadvantages:Montly payments are higher than a 20-year mortgage
|
15 Year 1st Lien Equity Mortgage
| Best Choice If:You plan on staying in the home long-term.
You need your monthly payments to remain fixed over the life of the loan.
You would like to pay-off the loan balance quickly.
| Advantages:Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments.
The loan balance will decrease more rapidly than a 20 Year mortgage.
| Disadvantages:Montly payments are higher than a 20-year mortgage
|
