State Bank of New Prague offers quick and easy low rate loans. Including: home improvement loans, home equity loans, home equity lines of credit, and more!
A home equity loan and home equity line of credit allows homeowners to tap into the equity they’ve built in their home and acquire funds for major purchases at attractive interest rates. For example, a home equity loan can help you remodel your home, send a son of daughter to college, or consolidate any outstanding loans. Another advantage of equity-based lending is that the interest paid may be tax-deductible. (Be sure to consult a tax professional for details.)
To find out what your current equity is worth, simply subtract your outstanding mortgage balance from your home’s current value. Depending on the appraisal and loan program, your equity may be worth more than you originally thought. Usually, you can choose from the following equity-based financing that’s best for your situation:
Home Equity Loan:
A fixed rate loan that you usually receive as a lump sum. Repayments are similar to a fixed rate mortgage - your repayments will be the same every month.
Home Equity Line of Credit (HELOC):
A revolving line of credit that is similar to a credit card, as you're able to withdraw and spend what you like, up to your maximum credit line. Also, as you pay back a withdrawal, the repaid funds will be available for future use. HELOCs have variable interest rates that may rise and fall during the time your HELOC funds are available.
It's easy to apply for a loan with the State Bank of New Prague