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Home Equity Loans and Lines of Credit
Use the equity in your home to make improvements to your home, pay college tuition, unexpected expenses or simply free up some extra cash for the things you want or need to do. Home Equity Lines of Credit (HELOCS) offer numerous benefits and flexibility to homeowners:
- The interest payments can be tax deductible (please consult your tax advisor).
- They usually have low interest and minimum payments.
- Homeowners do not need mortgage insurance with HELOCs.
- The home equity line of credit is used as you need it and can be paid off at anytime. You can draw on your line of credit from time to time, up to the total amount available. Your monthly payment is based on the amount of your line of credit you have used. You enjoy a lot of flexibility and control over your money.
