Need money to consolidate debts? Pay for education expenses? Make improvements to your home? Consider a TruStone home equity 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 is a secured by a mortgage on your home. Closed-end home equity s 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 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 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 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 secured by a mortgage on your home. The 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 . 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 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.
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*The margin is based on characteristics of each individual , including credit history, credit score, and -to-value.
