put your equity to work
Looking for ways to pay for your children’s college? Thanks to lower interest rates and potential tax advantages, a 3 in 1 Advantage Plan can be an economical and convenient choice.
The 3 in 1 Advantage Plan uses your home as collateral. Depending on your home’s value, your equity in the home and your credit score, you could have a lot of borrowing power.
Since the loan is secured by your home, the interest is tax-deductible for most people.* Tax-deductibility can effectively make your borrowing costs even lower.
know your options
The 3 in 1 Advantage Plan offers flexibility. It’s an equity line of credit, with options for fixed loans and a credit card in one handy package. You can have up to three fixed rate advances at a time, so big bills like tuition and fees can be covered in a lump sum.
Use the line of credit as often as you like, up to your limit. This is great for expenses when you're not sure how much you need. The line of credit ensures you don’t over borrow, and that you'll still have funds for unexpected expenses. Secondly, your equity becomes available again as soon as you pay down your balance.
A credit card that accesses your equity comes in handy for purchases such as books or travel expenses. This ensures a portion of your line is always ready for emergencies or items you want to pay off quickly.
Compare fees and rates
A 3 in 1 Advantage loan is economical, too. There are no application fees, no annual fees and no closing costs, as long as the line remains open for 24 months or more. Compared with student loan fees, you could save big.
If you’ve done your homework and you’re ready to get started, check out details and our online application at www.hfcu.org/equity.
* Check with your tax advisor regarding tax deductibility in your situation.