Home Equity Loans
Lending for all of your needs!
Vehicles, debt consolidations, recreational vehicles, personal and much more. Speak to a loan officer for complete details, or apply online. To help you determine monthly payments, plug in one of our rates into the online loan calculator.
Use the equity in your home to get what you want. Purchase a vehicle, remodel your home, consolidate debt, refinance an existing mortgage or for any other worthwhile purpose. The interest may be tax deductible. Be sure to consult your tax advisor regarding deductibility of interest.
Home Equity Loan
Maximum loan repayment is 15 years. Loans with repayment plans longer then 7 years require a demand feature. This feature allows you to lock your loan rate for a term of your choose either 3,5 or 7 years. Terms and rates may vary. Use the calculator above to determine your available equity.
What is Equity, and how do I know how much I have?
Equity is the difference between the fair market value of your property and the mortgages held against it.
How do you calculate Equity?
Home Equity Loan Example based on a $150,000 home value with $80,000 in outstanding mortgage balance.
Example:
- $150,000
- First, we need your latest appraisal or current property tax bill, to arrive at the value of your home.
- x 80%
- We use a conservative approach using 80%* when calculating from an appraisal or the Estimated Fair Market Value from your property tax bill.
- $120,000
- Subtotal
- - $80,000
- Subtract any outstanding liens on the home (including a first mortgage, second mortgage, etc.).
- $40,000
- This would give you the potential amount you can borrow.
*90% loans are also available. Terms and rates vary
