


|
Home Equity Line
of Credit |
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| Home Equity Loan | Home Equity Line of Credit | ||
| Best if you need: |
One amount needed up front to cover your costs. You like the stability of a fixed interest rate and a fixed monthly payment. |
Ongoing expenses, or you will not need the entire amount at the beginning of the project. |
|
| Possible uses: | Specific home improvement projects, or to purchase a vehicle, consolidate debt, finance a vacation, etc. |
Long-term remodeling project, tuition or education expenses, or you desire the flexibilty to draw on the loan when you choose. |
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| Payment options: | Fixed interest rate with principal and interest payments for a fixed term. |
Flexible payments with a variable interest rate tied to the Wall Street Journal prime rate plus an interest margin. |
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| Available terms: | Up to 7-year fixed terms available | 10-year term available | |
| Tax deductions: | Interest may be tax deductible. Check with your tax advisor for specific details. | Interest may be tax deductible. Check with your tax advisor for specific details. | |
| Additional benefit: | Save .25% off your interest rate when you set up an automatic payment from your checking account. |