Home Equity Term Loan
With a Home Equity Term Loan you can select the options for your loan. Get
a high borrowing amount, a lower interest rate or a longer payment term to
reduce your monthly payment. A Home Equity Loan is a secured loan, and
the interest paid may be tax deductible.*
Home equity is the difference between the current market value of your home and
the amount you still owe on any mortgage or loan that are secured by your
home. The borrowing amount is determined by calculating the value of your
house and subtracting the mortgage amount and any other outstanding loans that
are secured by your home.
Our Home Equity Term Loan has a fixed or adjustable rate and a fixed monthly
payment for the entire term of the loan. This provides easy budgeting and
protection against rate fluctuations.
Third-lien position home equity term loans are also available. This allows you
to access more of your home?s equity without having to refinance your first or
second-lien loan at a great rate. For details or to apply, call 1-800-242-BANK or
your local branch or loan center.
* Consult your tax advisor regarding the deductibility of interest.
