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Home Equity Loans and Lines of Credit
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Let the home you own get you a loan!
Using the Equity in your home to get you a loan is a smart way to borrow both for today and tomorrow. Equity is simply the difference between the current market value of your home and the balance remaining on your mortgage. A Home Equity Loan gives you quick access to the money you need for life’s major expenses-like buying a new car, home improvements, college education, or even paying off high-rate loans or credit cards just to name a few.
Cash in on the benefits. . .
Tax Advantages:
For most homeowners, the interest paid on a home equity loan or line of credit up to $100,000 is 100% tax deductible. Ask your tax advisor how this can save you money.
Lower Interest Rates:
Our home equity financing gives you lower interest rates than you will find with most credit cards and consumer loans.
Easy Application:
Our loan officers are ready to field your questions and are committed to a hassle free application process. In most cases, we can give you an answer the next business day.
A full range of alternatives to meet your individual needs...
Home Equity Lines of Credit :
A home equity line of credit gives you much more flexibility. Once your credit line is approved, you simply give yourself a loan by writing a check for whatever you want whenever you need it up to your credit limit. You never need bank approval again. To access your credit line, you may write a Home Equity check directly against your line, or call us to have us transfer an amount to your regular Greenwoods checking account. Repayment of the principal balance on your account can be done at your own convenience. You may pay the required monthly minimum or any amount up to and including the full balance. As your loan is paid down, the money automatically becomes available again, replenishing the available credit on your loan. As an added benefit, at your request, our home equity lines of credit can also double as overdraft protection on your checking account. If you should happen to overdraw your checking account, we can automatically advance money from your line of credit to cover the overdraft so you can avoid the embarrassment and fees of an overdraft.
Home Equity Installment Loans :
With a home equity installment loan, you borrow a specific lump sum with a fixed rate for a fixed term with set monthly payments, similar to a car loan or any installment loan. Payments can also be directly deducted from any Greenwoods State Bank checking account.
**The Annual Percentage Rate (APR) is variable and determined by adding a margin of 1%-2% to the Prime Rate (the index). The Prime Rate used to determine the APR is that published in the Midwest Edition of the Wall Street Journal on the first of the month. As of 12-16-2008, the Prime Rate was set to 3.25% with a floor of 5.00%; therefore the fully indexed APR (index plus margin) could vary between 5.00% and 5.25%. The APR will not exceed 18.0%. Margin is determined by Loan to Value. Closing costs from $0 to $300 may apply. Property insurance and flood insurance if applicable required on collateral. Consult your tax advisor concerning tax deductibility. Equal Housing Lender. Member FDIC and Greenwoods Financial Group, Inc.
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