Home Equity loans are most often thought of as a means to finance home improvement projects – that’s why you hear about them most in the spring before construction season. What most people don’t realize is that homeowners can tap into the power of their home’s equity for more than kitchen remodels and bathroom upgrades.
One of the most common uses for a fixed-rate home equity loan or home equity line of credit is debt consolidation. Consumers with high-rate credit cards can often refinance their existing debt into a home equity loan at a lower rate and more competitive term.
The national average credit card rate is 15.59%1 compared to TruStone Financial’s current home equity rate as low as 3.74% APR2. Refinancing debt into a lower rate could save you thousands over the life of your loan. Plus, pay no closing costs3 to save even more!
No matter the project, destination or financial plan – the equity in your home can take you further. Ask us about the power of your home’s equity today!
Editor’s note: segments of this article were taken from marketwatch.com and NerdWallet.com.
1National average credit card APR according to CreditCards.com on March 22, 2017. 2APR = Annual Percentage Rate. 3Closing costs waived up to $1,000. Closing costs do not include appraisal fee ($150-$625) if required to complete loan. Minimum new disbursements of $25,000 required to receive no closing costs offer. $25,000 must be disbursed at the time of loan closing. Refinancing of current TruStone loans are eligible for the promotion with all requirements met, including $25,000 in new disbursements. Product offered is a 5/1 ARM (Adjustable Rate Mortgage) with the first rate change after 60 months, then annually thereafter. Interest Rate is variable based on Wall Street Prime + a margin. Rate based on credit history, loan term and LTV (Loan-to-Value). Rate includes discounts for activated TruStone Visa credit card and automatic loan payments from a TruStone account. Loan is subject to credit approval with acceptable form of collateral. Payments for the first 5 years are $18.30 per $1,000 borrowed. Promotion valid on applications received between 3/13/17 – 5/31/17 and closed by 6/30/17. Offer subject to change. Equal Housing Lender. TruStone Financial membership required.