Looking for ways to pay for large home improvement projects, college tuition and expenses, or manage medical expenses? Thanks to lower interest rates and potential tax advantages, tapping your home equity can be an ideal way to finance big-ticket items.
If you’ve lived in your home for a while, you probably have built up some equity. That can create a lot of borrowing power. Because your loan is secured by your home, you typically pay less interest than you would for other types of borrowing, such as a personal loan or a credit card.
know your options
Most homeowners have two choices: a home equity loan or a home equity line of credit. Home equity loans allow homeowners to borrow a single lump sum that is repaid over a set term, usually at a fixed interest rate.
Home equity lines of credit, or HELOCs, are funds issued in the form of a revolving line of credit with a variable interest rate. They allow homeowners to borrow smaller amounts, up to their credit limit, as needed. As the funds are repaid, they become available to borrow again.
Hanscom FCU’s 3 in 1 Home Equity Advantage Plan combines the convenience of an equity line of credit, with options for fixed rate advances and a credit card. There are no application fees, no minimum draw requirements, and no closing costs.*
Our home equity and mortgage experts are happy to answer your questions and help you understand your available options. We understand your unique financial needs and have the tools and expertise to help you achieve your goals. Let our dedicated home equity team find the perfect solution to make your financial dreams a reality.
Learn more at www.hfcu.org/equity.
* If you terminate your line within the first 24 months after closing, you will be responsible for closing costs.