Home Equity Loans

What are you dreaming of?

	A new kitchen or bath
	A deck or swimming pool
	A room addition to accommodate a growing family
	A dream vacation
	Consolidating your debts
	Paying for your child’s education

The answer to your dreams could be a home equity loan. Equity is the difference between the value of your home and what you owe on your mortgage(s). Since home values have risen dramatically in the past few years, you may have more equity in your home than you realize…even if you purchased your home just a few years ago.

There are two types of home equity loans…fixed rate and variable rate. With a fixed-rate home equity loan you borrow a set amount for a set term at a set interest rate. With a variable-rate home equity line of credit you are pre-approved to borrow up to a certain amount. You have access to part or all of the funds over a 5-10 year draw period without having to fill out another loan application. The rate of interest you pay depends on current market rates, and your payments/loan term adjusts depending on how much and how often you borrow.

No matter what type of home equity loan you choose, you may be able to borrow up to 100% of your home’s equity. Interest rates on home equity loans are usually lower than credit cards and most other types of financing. And, the interest you pay could be tax deductible (consult your tax advisor) unlike other forms of financing.

If you are considering a home equity loan, visit the sites of our lending partners below.

Electro Savings Credit Union

Neighbors Credit Union

Arsenal Credit Union

Gateway Regional Credit Union

Rolla Federal Credit Union