Take Advantage of your Equity!
Not all money comes from your income or a traditional loan. Your home, your largest investment, can be a source of cash, too! Using either a home equity loan or line of credit allows you to use your home’s value to provide cash to be used for immediate or future needs.
Home Equity Loans- Lump Sum of Cash
A home equity loan is a great solution if you have an immediate, one-time need for cash. Tapping into the equity in your home, you receive a lump sum of cash based with a maximum based on the percentage of your home’s value less your mortgage. From there, you can use the funds for practically any need. Other features of our home equity loans include:
- Quick and easy application process
- Receive a competitive rate
- Personal, local service- we make fast decisions on your application, underwrite the loan, service your loan and are here to help when you have questions
Apply for Your Home Equity Loan!
Or call us at 540.359.7100 for further assistance.
Home Equity Lines of Credit- A Line of Credit to Draw On
A home equity line of credit, or HELOC, is a suitable solution if you have recurring costs throughout the year or peaks and valleys in your cash flow. You have constant access to your line of credit; when you repay what you’ve borrowed, the funds become available again. Most importantly, you can use funds from your HELOC to cover nearly any expense. Other features of our home equity lines of credit include:
- An easy application process
- Receive a competitive interest rate on your HELOC
- Your repayment schedule is tailored to fit your budget and is based upon your usage
- Personal, local service- we make fast decisions on your application, underwrite the loan, service your loan and are here to help when you have questions
Or call us at 540.359.7100 for further assistance.
Home Equity Loan vs. HELOC
Homeowners can utilize both home equity loans and HELOCs to finance home improvements and other purchases and expenses, but which one is right for you?
Home equity loans are ideal for one-time, large purchases. Sometimes called ‘second mortgages’, they are most often used for home renovations—but can also be used for debt consolidation – because, just like a mortgage, you’ll pay your home equity loan back in set monthly installments over a fixed term, with a fixed interest rate.
HELOCs aren’t your typical home loan. A revolving line of credit similar to a credit card, you can use your HELOC to pay for ongoing expenses, as needed, during an initial, five to ten year ‘draw’ period. HELOCs work well for longer home improvement projects, or as a low-interest alternative to credit cards when you need an occasional influx of cash to cover your expenditures. Monthly payments can vary over the life of your HELOC depending on the current interest rate, as well as your balance. After your draw period is over, your HELOC will move into the ‘repayment’ phase, where you will pay off the remainder of your balance.
Reach out to us to apply for a home equity loan or apply for a HELOC today!