A Fixed-Rate Home Equity Loan is a loan based on the available equity in your home. We can provide Home Equity Loans that bring the total Loan-to-Value (including your 1st mortgage) up to 100% of the value of your home. These Home Equity Loans have a fixed-interest rate for the duration of the loan. This type of loan makes budgeting easier because your loan payment will not change throughout the term of the loan. In most cases, the interest from a Home Equity Loan is tax deductible, however, you should check with your accountant to be sure.

A Home Equity Line of Credit differs from the Home Equity Loan in that you can draw and pay down the amount of the Line during the term of the line, which is typically 5 years. Similar to the Home Equity Loan, we can provide Home Equity Lines of Credit that bring the total Loan-to-Value (including your 1st mortgage) up to 100% of the value of your home. Home Equity Lines of Credit are interest only, meaning that principal payments are not required and the payment is likely to be lower than a traditional amortizing loan. The interest rate on the Line of Credit also differs from a Home Equity Loan because it is not fixed at closing. Instead, the interest rate is floating, meaning it is tied to an index that generally moves with average mortgage rates. This will cause the monthly payment to fluctuate, based on the interest rate index and the amount of the line you have withdrawn. In most cases, the interest from a Home Equity Loan is tax deductible, however, you should check with your accountant to be sure.