Home Equity Loans
Break Down the Equity in Your Walls
HOME EQUITY LOANS
Already own a home, but want to consolidate debt, pay for college or remodel? Your home can be the key to a low interest loan! If you're a homeowner looking for financial flexibility or an affordable way to borrow money, Peoples Advantage can help.
So, what is a Home Equity Loan? A home equity loan, also known as a "second mortgage" or "equity loan," is a type of loan that allows homeowners to borrow against the equity they have built up in their property. Equity refers to the portion of your home's value that you truly own, calculated as the difference between your home's current market value and the outstanding mortgage balance.
What is Home Equity?
A home equity loan provides a lump sum of money to you, which you can use in a variety of ways, such as home improvements, debt consolidation, education expenses, or even a dream vacation. The loan amount is determined based on the equity in your home and is typically provided as a fixed-rate loan, meaning the interest rate remains the same throughout the loan term. And guess what? The interest paid on a home equity loan may be tax-deductible
HOME EQUITY LOAN BENEFITS
Free financial education
E-Statement and E-notices for banking on the go
Competitively low-interest rates
Fixed rates
$10,000 minimum
Flexible terms for 5, 10 or 15 years
HOME EQUITY LINE OF CREDIT
Home equity line of credit (HELOC) may also be an option for you! The difference in home equity and home equity line of credit is that the HELOC i a revolving line of credit similar to a credit card with variable terms and payments. Home equity is a lump sum of money with a fixed payment and rate.
Home equity line of credit also come with these membership perks:
Free financial education
E-Statement and E-notices for banking on the go
Competitively low-interest rates
Adjustable rates
Always with you.
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