|
Home Equity Loans: Competitive Rates, Tax-Deductible
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.
Borrowing against the equity in your home offers two major benefits:
1) lower interest rates than most other forms of credit, and 2) the interest
you pay may be tax-deductible.*
Debt consolidation is just one of the many uses for your home's equity. The
low interest rate, coupled with any tax break, can make it possibly the least
expensive borrowing option available. You may be able to consolidate your
higher-interest debts into one lower monthly payment.
 In addition, you may want to
consider borrowing against your
equity to fund such goals as:
- home remodeling
- a wedding
- college tuition
- a dream vacation
- a new vehicle or boat
There are two simple ways to get at the money built up in your home:
Home equity loan. Sometimes called a second mortgage, a home equity
loan allows you to borrow a lump sum to be paid back in monthly installments
over a specified period. This loan option is best for major purchases or
one-time expenses, such as a home remodeling project. Most home
equity loans have a fixed interest rate for the term of the loan.
Home equity line of credit. Rather than receiving a lump sum, this option
lets you borrow against a given credit line as you need it. You can access
your money by writing checks linked to the account. This option is good for
expenses that are paid in installments, such as college tuition, and interest
accrues only on the amount you actually use. Home equity lines of credit
generally offer an adjustable rate with a minimum monthly payment based
on the outstanding balance.
Whether you should apply for a home equity loan or line of credit will depend on
your personal circumstances. Call (775) 333-4228 or visit www.greatbasin.org today to learn your options so you can get on the road to reaching your goals.
|
