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Put Your Equity to Work for You!
Like most homeowners, you’ve probably seen your home’s equity increase with the rise in real estate prices and your disciplined monthly payments toward your mortgage balance. Did you know that your equity may be an inexpensive source of credit? It has the potential to fund financial goals for you and your family.
A Home Equity Line of Credit allows you an advance of funds, borrowed against the equity of your home, and is a line of credit that you are able to draw upon as you need it. Home equity lines of credit generally offer an adjustable rate, with a minimum monthly payment based on the outstanding balance. You'll be able to access your funds by calling Access 24 or logging onto FOCUS. A HELOC is an excellent option for expenses that are paid in installments (such as college tuition), because interest accrues only on the amount you actually use. Debt consolidation is also one of the many uses for your home’s equity. The low interest rate, coupled with any tax break, also has the potential to make it the least expensive borrowing option available.
Some other common uses for a Home Equity Line of Credit include:
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Home remodel
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Weddings
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College tuition
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A dream vacation
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A new vehicle or boat
Loan Approval Is Quick and Easy
Getting approved for your loan has never been easier; stop in at your nearest branch, or fill out our online loan application below. You’ll quickly receive an answer to your loan request!
§ 226.5b Requirements for home equity plans.