You could be paying less for your loans, starting today. A home equity line of credit is a variable rate loan based on the available equity in your home.
Use a HELOC to consolidate your credit card debt, pay off auto loans and personal loans, pay for educational expenses or home improvement—the choice is yours. Because HELOC interest rates are generally lower, you can save money every month with one lower payment.
The amount of the loan is based on the available equity in your home, and the interest rate is usually determined by a margin (which is fixed), plus the Prime rate (which is variable).
Access checks allow you to withdraw money when you need it. As you pay, the remaining line of credit is available to you to use any way you like.
As an added bonus, the interest you pay is generally considered to be tax-deductible, although you should contact your tax advisor for details.
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