Whether you’re updating your home, paying down debt or finally taking that trip to Italy, you can put your home’s equity to work for you and your family. Interest rates are usually lower than that of an unsecured loan and interest may be tax deductible*.
Another option if you plan to use the funds specifically for home repairs or remodeling.
Review our home equity application packet or home improvement application packet – featuring loan requirements and application checklists.
For HELOC applications, review the Federal Reserve's HELOC brochure upon applying.
|Current Fair Market Value of Home||$100,000|
|- Mortgage Balance||$65,000|
|Amount Available to Borrow||$15,000|
**If figuring for home improvement loan, multiply by 95%
For more information on how you can make your home work for you, contact our Mortgage Lending Department at 972.348.2407 (800.323.1789).
* Consult a tax advisor regarding the deductibility of interest.
1 All liens not to exceed 80% of your home's fair market value
2 Automatic payment rate discounts may not be available on certain rates and terms. Automatic payments are not available for home equity line of credit loans. Ask your loan officer for details.
3 Required payment of interest only each month
4 Less the balances of outstanding liens