How can I use my home equity?

You can use the equity in your home for just about any major purchase or investment. Whether you are looking to make home improvements, need money for college tuition, want to consolidate debt, buy a new car, or go on vacation, go ahead! The way you use your equity is up to you.

How will I know how much my home is worth?

For the purpose of your application, estimate the value to the best of your ability. We'll determine the current value of your home by appraising the property.

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

When you take out home equity credit, you are using your home as collateral for that loan. The three main differences are:

1. Pricing: A line of credit typically has a variable interest rate associated with it, while a home equity loan has a fixed rate.

2. Access: A line of credit allows ongoing access to your money over a period of time. As you repay the money you've used, those funds become available for you to use again.

3. Payments: Payments are made on a monthly basis, similar to the payments made on your first mortgage. Home equity loan payments are based on your total loan amount. Payments on your home equity line are based only on the amount of the line that you have withdrawn.

How are rates for Home Equity Lines of credit determined?

Home equity lines of credit will use the index that is based on The Wall Street Journal Prime Rate. This index, combined with the stated margin,will determine the home equity line of credit interest rate and annual percentage rate (APR).

Is it possible to fix the interest rate on all or part of my line of credit?

A fixed rate loan option may be available. This option allows you to lock all or part of your home equity line of credit balances with a fixed interest rate, payment and term.

What happens if I have an outstanding balance at the end of my draw period?

Any outstanding balance at the end of your draw period will be amortized into equal monthly payments. You may also choose to open a new line of credit. If you do, you can move any outstanding balances over to your new line of credit, up to your available credit limit.

How much can I borrow?

Home equity lines of credit up to 100% are available for customers who qualify. Program and pricing guidelines may vary based on loan-to-value (LTV) ratios, line amount, and credit history.

Can I get a home equity loan or line of credit if my home is currently for sale?

You cannot get a home equity loan or line of credit if your home has been up for sale within the last 90 days.

Are Home Equity Loans and Lines available on rental properties?

Yes, however, the interest rate will be slightly higher and amount the loan or line will be calculated differently.

Is the interest on my home equity loan or line of credit tax deductible?

In most states interest paid is tax deductible. However, we suggest that you contact your tax advisor to discuss your home and your personal situation to determine whether or not interest would be tax deductible for you.

Is an appraisal needed to get a home equity loan or line of credit?

In most circumstances, an appraisal will be required as a condition to obtaining a home equity loan or line of credit.