Planning on retiring soon? You’ve come to the right place! We offer a wide variety of services to help you get the most out of your retirement years.
Home Equity Loans
What is a Home Equity Loan
Your home has always been a source of comfort and security. Now you can use the equity that you have built up in your home to finance your large expenses. You can finance:
- Home Improvements
- Bill Consolidation
- An Automobile
- Tuition
- A Vacation
- Refinancing your current Home Equity Loan or Mortgage
We offer terms from 5 years to 15 years at a fixed rate. A guaranteed fixed monthly payment offers you the security of knowing just what to budget each month.
Home Equity Loan vs. Home Equity Line of Credit
When you are ready to borrow money using your home, one of the questions you may have is whether you should do a Home Equity Loan or a Home Equity Line of Credit (HELOC).
Both types of home equity products use your home as collateral for the loan/line. But when you borrow using a home equity loan, you get one check for the entire amount of the loan and you pay a fixed monthly payment each month until your loan is paid in full. A HELCO allows you more flexibility. A credit limit is established and you may borrow any amount (up to your limit) at any time. Your minimum monthly payment amount is determined each month based on your outstanding balance and you are notified of the monthly payment amount on your Sentry statement.
Usually your circumstances will determine which Home Equity product is right for you.
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