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Which Loan Is Best For Me?


Loan Program Advantages Disadvantages
Home Equity Line of Credit
  • You only borrow what you need
  • Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible
  • May be free of closing costs
  • A good source for an emergency fund, if set up in advance
  • Can be used for debt consolidation and lower payments
  • Rates are usually lower than consumer loan or credit card rates
  • Rates can change. The maximum interest rate can be relatively high
  • Payments can change
  • Harder to refinance your first mortgage
Loan Program Advantages Disadvantages
Home Equity Fixed Loan
  • Fixed payments
  • Interest may be tax deductible
  • Get cash out for any purpose
  • Higher interest rates compared to first mortgage
  • Harder to refinance your first mortgage
  • Interest is paid on the entire loan amount, compared to an equity line of credit

Apply Online today to be pre-approved for the loan you want.
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