Sometimes, a situation arises where you need a certain amount of money but don’t have the funds on hand. That’s why loans exist-you can’t possibly be expected to cover the full amount of a home or another incredibly expensive purchase up front.
You can use property that you own as collateral in certain types of loans. If you take out a home equity loan, you use your home’s equity as collateral to obtain the funds you need.
At New Horizons Credit Union, Inc., we work with our members in Cincinnati, OH who need home equity loans. Depending on your credit score, your needs, and other financial considerations, we can lend you up to 100% of your home’s value.
Benefit From a Home Equity Loan
You might need an extra line of credit for any number of reasons. Perhaps your child is starting his or her college education, or maybe you need to remodel part of your home. Either way, a home equity loan gives you ready cash for crucial expenses.
If you use a home equity loan, you can usually expect a fixed-rate payment on both the interest and principal. Your repayment schedule shouldn’t vary from month to month or year to year.
In some cases, the interest on your loan is tax deductible. Bear in mind that if you have a revolving equity loan, you’ll also have a variable interest rate. Our banking professionals can help you learn more.
Learn More About Your Options
If you want to get more information about mortgages and home ownership, read the Consumer Financial Protection Bureau’s booklet on settlement costs.
If you’re interested in securing a home equity loan, apply online anytime. If you have questions about home equity loans or want to learn more about how your loan repayment will work, visit any of our branches. In addition to our Cincinnati, OH office, we have locations in South Lebanon, Mason, and Springville, along with several out-of-state offices.