What is Home Equity Lending?
A Home Equity Loan is a loan that allows you to borrow against the equity in your home for any purpose other than the purchase of that home. The difference between the balance on your mortgage and the current appraised value of your home is the equity in your home.
What can you do with a Home Equity Loan?
- Pay outstanding medical bills
- Finance your or your child’s education
- Purchase a new car or dream vacation
- Make improvements to your home
- Start a small business
Most importantly, you can save money with a Home Equity Loan. Your monthly payment may be lower, you’ll save money on finance charges and the interest may be tax deductible. Please consult a qualified tax advisor for more details.
For more information about bank financing. Click here.