Tap Your Home's Equity

Tap Your Home's Equity

What are home equity loans?

A home equity loan or line of credit uses the available equity in your property to finance a loan or line of credit. Equity is the amount of the home you have paid off. Home equity loan products typically offer lower rates than a personal loan. 

If you need cash to remodel your kitchen or bath, a home equity loan or home equity line of credit (HELOC) might be your best bet.

These loans let you borrow money using the equity in your home as collateral. Unlike almost any other consumer loan type, the interest on a home equity loan or HELOC of $100,000 or less is likely to be tax-deductible ($50,000 if married filing separately).

With a home equity loan, you borrow a lump sum of money repayable over a fixed term, usually 5 to 15 years, giving you the security of a locked-in rate and a consistent monthly payment. A HELOC is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the credit limit your lender assigns, by making a transfer into your checking account. A HELOC is usually a variable-rate loan, so your monthly payments will change based on your outstanding balance and fluctuations in the prime rate.

What can I use the money for? 

There is an endless amount of purposes you can use home equity loan products for: 

   * Remodelling or landscape project

   * College or other education costs 

   * Car purchase or car repairs 

   * Debt consolidation 

And more! 

Talk to our home loan specialists today for more details about our home equity loan products.