Get the financial resources to meet your goals! If you have equity in your home, consider taking out a loan. With a Home Equity Loan you can use your home as collateral to consolidate bills, make home improvements, buy a new car, plan a vacation, etc. The minimum amount available for a loan is $10,000, but you can borrow as much as $250,000.

Fixed Rate Home Equity Loan
A home equity loan enables you to borrow money in a lump sum against the equity (the value of your home minus what you owe) you have built up in your home. A home equity loan is considered a second mortgage. Fixed rate home equity loans can provide a financially practical way to pay debts, do home improvement, or receive cash. Take advantage of low home equity loan rates and tax benefits. (Check with your tax advisor for details.)

Possible Tax Benefits of Home Equity Loans
Yes, a home equity loan can also be beneficial because the home equity loan rate charged can be tax deductible. As with any personal finance products, you are recommended to shop around to find the best home equity loan but make sure to also check into the tax aspect of it when considering this option.


Pros

• Predictable fixed payments
• Possible tax advantages

Cons

• Ties up equity making it unavailable for other needs
• Uses your home as collateral