Equity is a beautiful thing. Use the value that you've built in your home to tackle a home improvement project, purchase major appliances, take a dream vacation or save for a child's education. Plus, the equity in your home can be tax deductible and the repayment rate is usually lower than most credit cards.
These loans can be disbursed all at once or when you need the money. Talk to a member service representative to find out what option will work best for you.
If used properly, home equity loans are a prudent way to borrow money. It is a sensible income source when considering the higher interest rates on other lines of credit like credit cards and unsecured loans. Another great feature of a home equity loan is that sometimes the interest you pay is tax deductible. You’ll need to consult with a tax advisor regarding the deductibility of interest.
A good rule of thumb is that you’ll need to have at least 10 percent of your home’s value paid for.
Debt consolidation, education costs, vacation, home improvements are among the things you can pay for with a home equity loan.