Need money to consolidate debts? Pay for education expenses? Make improvements to your home? Consider a TruStone home equity loan to help you meet those needs. We have two convenient options with one that’s sure to make your life easier.
Closed-End Home Equity Loans
A closed-end home equity loan is a loan secured by a mortgage on your home. Closed-end home equity loans from TruStone offer features, such as fixed interest rates and terms from 5 to 15 years with no prepayment penalty.
The benefits of a closed-end home equity loan include:
- Affordable, consistent monthly payments.
- Flexibility for you to choose the day of the month for your payment due date.
- Convenient automatic payments, so you never have to worry about remembering to make your payment.
- Tax deductibility, because the loan is secured by a mortgage on your home, the interest you pay is usually tax-deductible. Consult your tax advisor for details.
Loan payment example: a $20,000 home equity loan at 6.532% APR for 180 months (15 years) will have a monthly payment of $174.54
Home Equity Line of Credit
A Home Equity Line of Credit, or HELOC for short, is a loan secured by a mortgage on your home. The loan is available to you as a line of credit, which is an agreed upon amount of money that will be available for you to use at any time during the term of the loan. As you “draw” money from your HELOC, the available balance decreases. When you make a payment, the available balance goes back up.
The benefits of a HELOC include:
- No interest is charged until the credit is actually used.
- A 10-year life to drawing on the line of credit.
- Convenient accessibility to the funds by check and Personal Access Online Banking.
- Tax deductibility, because the loan is secured by a mortgage on your home, the interest you pay is usually tax-deductible. Consult your tax advisor for details.
Features of the TruStone HELOC include:
- A variable interest rate based upon the Prime index, plus a margin*, as published in the Wall Street Journal. The rate is subject to change on the first day of each calendar quarter.
- The maximum (ceiling) interest rate is 18%; the minimum rate (floor) is 3.75%.
- A monthly statement is provided.
Click here to apply for a Home Equity Loan today!
*The margin is based on characteristics of each individual loan, including credit history, credit score, and loan-to-value.
