A Home Equity Loan is a closed-end, fixed-rate loan with with terms up to 15 years. This loan option offers the ability to utilize the equity in your home for a purchase, debt consolidation, home improvement, college expenses, or even a dream vacation.
Enjoy peace of mind, because your payment will remain the same for the life of the loan. The amount you borrow is determined by taking 80% of the appraised value of your home, less your first mortgage balance. The interest you pay may qualify as an income tax deduction; check with your tax advisor.