Home Equity Loans from FSB
Using a home equity line of credit or a fixed rate junior home equity loan allows you to use the value of your home as collateral for borrowing money. Most often, this type of loan is intended for borrowers interested in home repairs, improvements or to purchase a vehicle. Call FSB or stop in today for more information. We have Home Loan Experts ready to assist you!
Types of Home Equity Loans
A Home Equity Line of Credit (HELOC) operates like a revolving line of credit, meaning you save money by paying interest only on what you need. Keep this line of funding open for emergency or unforeseen expenses and don’t worry about penalties for non-usage. Ask your tax specialist about potential tax deductions on the interest you pay and use HELOCs to get the most out of the equity in your home.
A Fixed Rate Junior Home Equity is a second mortgage with set rates based on the equity in your home and the term of the loan. This type of loan has a set payment made over a fixed term. It can be combined with a first mortgage to avoid paying Private Mortgage Insurance (PMI) when purchasing a home.