Get the financial
resources to meet your goals! If you have equity in
your home, consider taking out a loan. With a Home
Equity Loan you can use your home as collateral to
consolidate bills, make home improvements, buy a new
car, plan a vacation, etc. The minimum amount available
for a loan is $10,000, but you can borrow as much
as $250,000.
Fixed Rate Home Equity Loan
A home equity loan enables you to borrow money in
a lump sum against the equity (the value of your home
minus what you owe) you have built up in your home.
A home equity loan is considered a second mortgage.
Fixed rate home equity loans can provide a financially
practical way to pay debts, do home improvement, or
receive cash. Take advantage of low home equity loan
rates and tax benefits. (Check with your tax advisor
for details.)
Possible
Tax Benefits of Home Equity Loans
Yes, a home equity loan can also be beneficial because
the home equity loan rate charged can be tax deductible.
As with any personal finance products, you are recommended
to shop around to find the best home
equity loan but make sure to also check into the
tax aspect of it when considering this option.
Pros
- Predictable
fixed payments
- Possible
tax advantages
Cons
- Ties
up equity making it unavailable for other needs
- Uses
your home as collateral
