Using Home Equity for Cash
Do you need cash for remodeling, debt consolidation, education or a variety of other good reasons? Using a home equity loan or home equity line of credit can give you two major advantages: a lower interest rate and a possible tax deduction. (Consult your tax advisor regarding tax deductibility of interest.)
Only you can decide if using your home’s equity is right for you. Once you make that decision, you can then decide which loan type is right for you, a home equity loan or a home equity line of credit.
Home Equity Loan
A home equity loan is for a fixed amount of money repaid over a fixed number of years. TFCU’s closed-end, fixed rate home equity loan is excellent for home improvement or debt consolidation. You can borrow up to 100 percent of the appraised value of your home, less the balance of your first mortgage.
Home Equity Line of Credit (HELOC)
A HELOC gives you the convenience of a credit line with even better advantages. At TFCU, you can borrow up to 100 percent of the appraised value of your home, less the balance of the first mortgage. Plus, you just apply once and then access your credit when you need it, for whatever you like.
Low variable interest rates* save you money over most other forms of personal credit and the tax deductibility makes it an even more cost-effective way to pay for the things you want today. Getting a HELOC at TFCU is easy, with quick turnaround time and access to your funds.
Apply for your home equity loan or HELOC in person, by phone or online.