HOME EQUITY MORTGAGES

Over time you accumulate equity in your home. Equity is the difference between the fair market value of your home and the amount you owe on your mortgage. Equity increases as the value of your home rises and as you pay off the principal of the mortgage loan. 

Home equity products allow you to make the most of the equity you've built in your home. They are powerful, flexible financing tools that can be used for:

• Home improvements and additions

• Debt consolidation

• Major purchases and expenses

• A much-needed vacation or vacation home

• Breathing room in your household budget

A loan secured by your home equity offers advantages over other types of consumer loans.

• less expensive

• interest rates and repayment terms more favorable

• tax advantages

It is often possible to take cash out and still reduce your monthly payments through lower interest rates and interest only products. We have several aggressive cash-out programs available allowing you to take up to 125% of your home value with low rates. This means that you could have a total loan of $125,000 on a $100,000 home. This can be a great tool to help get those higher interest bearing debts under control. By consolidating your credit cards, car loans, and other high interest debt into one lower interest payment you can save money and headaches. 

Contact one of our mortgage consultants for a FREE analysis of your current situation to see if a debt consolidation or home equity loan can help you.