Home Equity Loans

Home Equity loans and lines of credit are commonly used for home improvements, to purchase a car or boat, or to pay off higher interest debt. Interest on a home equity loan or line of credit is typically tax deductible on loan amounts up to $100,000.

A home equity loan is for a set amount of money at a fixed interest rate. There is normally a prepayment penalty associated with this type of loan. However, you may choose to pay off your loan more quickly by paying more than the required amount with each monthly payment. In addition, some home equity loans may include a balloon payment. Be sure to ask your loan officer to determine if a balloon payment applies.

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