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Using the equity in your home is a convenient way to access extra cash. This can be used for home improvement, debt consolidation, educational expenses or other purposes.
Benefits of home equity loans:
- Competitive fixed rates and flexible terms
- No closing costs on select plans
- Potential tax savings - the interest may be tax deductible (consult your tax advisor)
- Borrow up to 80% of the appraised value of your home, less than what you owe
Example of maximum loan amount:
| Appraised value | $75,000 |
| Times 80% | Times .80 |
| Subtotal | 60,000 |
| Less mortgage | - $40,000 |
| Maximum loan amount | $20,000 |