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, but speak with a Farmers State Bank representative to explore other options. We’ve been a trusted Cedar Falls Line of Credit provider for many years. You can also call FSB or stop in today for more information on this type of credit in any of our bank locations. We have Home Loan Experts ready to assist you!
Types of Home Equity Loans
A Home Equity Line of Credit (HELOC) is a type of home equity loan that operates like a revolving line of credit, meaning you save money by paying interest only on what you need. Ask your tax specialist about potential tax deductions on the interest you pay and use this type of loan to get the most out of the equity in your home. Keep this line of funding open for emergency or unforeseen expenses and don’t worry about penalties for non-usage. Farmers State Bank will work with you to address your short-term financial needs and set up the best HELOC for you and your family.
Using a Fixed Rate Junior Home Equity is a fast and easy way to borrow money against your home. The rates are based on the assessed value of your home, minimizing paperwork and accelerating the whole process. You’re rewarded for having more equity in your home with lower overall rates and the fixed term and rate make it easy to budget your repayment schedule. Use this loan for trips, vehicle purchases, home improvements or even extra cash. It can also be combined with a first mortgage to purchase a home to avoid paying private mortgage insurance (PMI).