home equity loans & lines of credit
you’re like most homeowners, your house is more than just your
greatest asset – it’s the greatest way for you to get
the money you need for just about anything, including home improvement,
a new car, debt consolidation, college expenses, or a dream vacation.
home equity line of credit (HELOC)
|Is a line of credit from which you can withdraw money again and again. In many ways, a HELOC is just like a credit card, but the interest you pay may be tax-deductible (please consult a tax advisor). You will open your HELOC only one time, but if you decide after a few months that you need to withdraw additional money, you will be able to do so up to the value of the loan. For example, if you have a HELOC for $10,000 and over a period of time pay back $5,000 toward the principal, that $5,000 is available to be drawn again at any time.||
home equity loan
|You make a one-time choice on the amount you would like to borrow, close on the loan, and receive a check for the amount you’ve chosen. You will have regular payments structured over a period of years, and upon completion of those payments, your home equity loan will be paid in full. If you decide later that you would like to draw additional funds, you will need to arrange for an additional loan.||
All loans subject to approval.
Why take out a home equity loan?
- Consolidate credit card debt at a significantly lower, tax deductible, interest rate
- Get needed cash for home remodeling or for your child's education
- Take advantage of investments with rates of return greater than the current interest rate you're paying
- Get money for a bigger down payment on a second home or new car and take advantage of lower interest rates
Borrowing against the equity in your home gives you many unique advantages. Chances are, home equity financing from Peoples State Bank will give you a lower rate than any other way of borrowing.
Further reducing the cost of borrowing, any interest you pay may be tax deductible (check with your tax advisor), so you’ll be able to save on taxes.
Easy and Convenient
When you consider how economical, flexible and convenient home equity financing can be, you can understand why so many homeowners believe no home should be without one.
Same Day Approval
No waiting around for days wondering if your loan is approved. With a completed application, we can approve your loan the same day.
It's Easy to Apply for a Home Equity Loan or Line of Credit
Peoples has made it very convenient to apply for the money you need. Call or stop in today to a location near you. We can begin the process immediately and in most cases have the process complete in 7-10 business days.
Applications can be taken over the phone during normal business hours.
What to Bring With You
- Most recent 30 days of pay stubs
- Most recent 2 years of W-2 forms
- 2 months statements from deposit accounts
(If you are self-employed; Most Recent 2 Years of Tax Returns)