A home equity loan may be an excellent way to utilize the equity in your home for a variety of reasons. Home equity loans can be used for many different purposes including:
- Educational Expenses
- Major purchases such as a boat, car, second home, or once in a lifetime vacation
- Unexpected major medical expenses
- Consolidate high finance charge debts into a lower interest rate loan.
Our Loan Consultant can help find the home equity loan that's right for you and give you quotes on current interest rates and closing costs. Or select the specific home equity loan program that interests you to learn more about our various loan programs.
10 Year Fixed / Home Equity Second Mortgage
| Advantages:This is a 10 year Fixed Rate Home Equity product. |
Home Equity Line of Credit
| Best Choice If:Low monthly payments. | Advantages:Interest only payments. | Disadvantages:Variable rates that can change monthly. |
3/1 ARM - 15 Year / Home Equity Second Mortgage
| Best Choice If:Second Mortgage | Advantages:A 3-year ARM will offer a lower interest rate than most fixed rate loans and give you some security in knowing that the rate is fixed for ten years. A lower interest rate means a lower monthly mortgage payment, adding flexibility to your monthly budget. | Disadvantages:With our 3-year ARM program you start off with an interest rate that is fixed for the first three years, but you need to be comfortable with the risk that your interest rate and payment could rise after the first ten years of the loan. To help protect from major increases in the interest rate, our ARM programs do have caps that prevent the interest rate from rising or falling by more than 2% per annual adjustment, or by more than 6% over the life of the loan. |
15 Year Fixed / Home Equity Second Mortgage
| Advantages:This is a 15 year Fixed Rate Home Equity product. |
5/1 ARM - 15 Year / Home Equity Second Mortgage
| Advantages:This is a Home Equity Product, with a 15 year amortization period. Rate is fixed for a 5 year period, and is reviewed and adjusted annually after that. Maximum rate adjustment is 2% annually / 6% over the life of the loan. Margin = 2.875% | Disadvantages:Rate can fluctuate after initial 5 year period. |
7/1 ARM - 15 Year / Home Equity Second Mortgage
| Advantages:This is a Home Equity Product, with a 15 year amortization period. Rate is fixed for a 7 year period, and is reviewed and adjusted annually after that. Maximum rate adjustment is 2% annually / 6% over the life of the loan. Margin = 2.875% | Disadvantages:Rate can fluctuate after initial 7 year period. |
