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After shopping around for a while, Sam and Debbie found the new car they wanted
to buy. They visited their local Dollar Bank branch to figure out the best way
to finance it. Sam and Debbie had lived in their home for eight years, and it
was valued at $75,000 with $40,000 remaining on their loan.
Solution:
Their Dollar Bank representative suggested they consider a home equity line of
credit for $20,000. A Home Equity Line of Credit is a secured credit line
typically offering higher borrowing amounts or lower interest rates, as well as
the flexibility of borrowing again and again without reapplying. It works like
a checking account, so Sam and Debbie can write checks accessing their credit
line. They'll even benefit from the tax advantages offered by a Home Equity
Line of Credit.
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Glossary
Commonly Asked Loan Questions
* The scenarios shown above are for explanatory
and informational purposes only and do not necessarily reflect terms and
conditions being offered by Dollar Bank. All loan applications are subject to
Bank underwriting and credit standards and specific loan product guidelines.
Consult your tax advisor regarding the deductability of interest.
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