Home Equity Line of Credit

HOME EQUITY LINE OF CREDIT

WHAT IS A HELOC (HOME EQUITY LINE OF CREDIT)?

A type of loan that allows homeowners to acquire a loan in addition to their original mortgage/lien using a portion or all of the equity in their home (primary residence). A home equity loan is generally a second mortgage on the subject property and may be used for any personal needs (i.e., college education, debt consolidation, home improvement, etc).

When should you apply for a home equity loan?

A home equity loan is a serious move because it is a second mortgage on your home. If you are seeking to pay off credit card bills, car payments, or college tuition, you have good reason to seek a home equity loan.

More people are choosing home equity financing for their borrowing needs. The reasons why are clear:

Applying is easy and takes little time.
Interest rates may be lower than other forms of credit.
The interest you pay may be tax deductible. (Consult your tax advisor regarding the deductibility of interest.)

The money can be used for many purposes.

Contact us today for more information on these exciting programs or apply online!

MB/2110 ML/1721

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