You don’t have to wait until you sell your home in order to access the equity you’ve built in it. Whether you’re interested in going on a dream vacation, want to finance that home project you’ve always planned of doing, or simply need some extra cash, a home equity loan through Central Bank can help.
There are two options available to access your home’s equity and depending on your needs. It’s important that you understand how both options, a Home Equity Line of Credit (HELOC) or a Home Equity Loan work before deciding which option is best for you. Want to get started?
A Home Equity Line of Credit (HELOC) is an open line of credit, available for use at any time, present or future. The many benefits of a HELOC include:
A Home Equity Loan, also known as a closed-end second mortgage, is a solution to get cash for a one-time need and specific loan amount, e.g., remodeling your kitchen and paying off the loan in a five-year period. The many benefits of a home equity loan include:
¹Consult a tax advisor regarding the deductibility of interest
Your equity is more than the value of the interest in your home; it’s your opportunity to afford big purchases and even consolidate debts at a lower interest rate. Your equity could even determine whether you keep your home during financial hardships.
Ready to learn more about a home equity loan or HELOC for your home? Visit your local Central Bank location to apply today.