Your home’s equity can be used for more than renovating or fixing your home.
Put your home equity to work for you. Chances are your home is your biggest personal investment. It may also be your biggest asset. Perhaps it’s time you put your home equity to good use. Home Equity Loans and Home Equity Lines of Credit can be excellent options for home repairs, renovations, debt consolidation, a new car, or even to pay for college.
Understanding which is right for you
-
Home Equity Loan
Usually best for one-time expenses, such as home renovation or debt consolidation.
-
Home Equity Line of Credit
A revolving line of credit that is best for recurring expenses, such as medical expenses.
Advantages of home equity loans:
- The interest rates for some home equity loans are fixed, instead of variable, and your monthly payment is consistent, so you never have any surprises.
- You can pay for big purchases little by little.
- The interest rate you pay on a home equity loan is often less than half of the interest rate on credit cards.
- All First Financial Home Equity loans and lines of credit are locally processed, underwritten.
- Low closing costs - many times with no out of pocket expense.
