Get your home to cough up some extra cash. With a home equity loan, you can convert the equity you’ve built in your home into affordable financing for a renovation project or other major expense.
What is A Home Equity Loan?
A Home Equity Loan is a term loan secured by the value of your home. Home Equity Loans offer competitive rates for several short-term or one-time needs such as:
- Education expenses
- Major life events
- Home remodel projects
- Debt consolidation
- And much more!
How Does A Home Equity Loan Work?
With a Home Equity Loan, you receive a lump sum after closing on the loan. Choose between repayment terms ranging from 5 to 15 years. The interest paid may be tax deductible*.
Home Equity Loan vs. Home Equity Line of Credit
Both a Home Equity Loan and HELOC are secured by the equity in your home. You can estimate your equity by subtracting your current mortgage balance from the market value of your house. The difference is that a Home Equity Loan is a term loan and a HELOC is a line of credit. A Home Equity Loan is usually the best option when you have a specific project or expense in mind and know how much it will cost. A HELOC offers more flexibility to access the funds when you need to, for a variety of expenses.
Apply For a Home Equity Loan
Ready to finance a big project or expense at an affordable rate? Still have questions? You can apply for a home equity loan online, contact us to learn more, or visit your nearest branch location in Clarks Summit, Scranton, Taylor, Honesdale, or Mount Pocono, PA.
*Consult a tax advisor regarding the deductibility of interest