What is a Home Equity Loan?

A home equity loan allows you to use the equity in your home as borrowing collateral. Using the equity in your home can be your best route to building a new kitchen, consolidating high-interest credit card balances, or even college tuition. Plus, you receive advantages not usually available on other types of consumer loans. Home Equity loans are ideal fo homeowners who want immediate access to funds for a one-time expense.

Benefits:

• Lower Rates
• Longer Repayment Terms
• Potential for Tax Deductible Interest.
  (Consult a tax advisor to determine tax deductibility.) 

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What is a Home Equity Line of Credit?

A home equity line of credit or HELOC is a variable-rate revolving credit line that is more like a credit card with a maximum spending limit. Homeowners can borrow money, pay it back and then borrow again as needed. Accessing the funds is easy.

Since interest is charged only on the money that is actually borrowed, a credit line is ideal for those with ongoing needs like recurring medical expenses or a long-term home-improvement project. It is also useful in case of an emergency, such as an unexpected job loss.

Reasons for taking out a Home Equity Loan or Line of Credit

Home Improvements: Whether it’s a major room addition, new roof, windows, furnace, or landscaping—Beacon’s Home Equity Loan can help make it happen.

Debt Consolidation: Whether you are looking to simplify your bill paying or to consolidate your credit card balances, a Home Equity Loan can help you put a plan into action and pay off the balance, and write fewer checks in the process.

College Expenses: Is the rising cost of college tuition keeping you awake at night? A Home Equity Loan allows you to manage the expense over an affordable repayment term.

Medical Expenses: Unexpected medical expenses can throw a curve ball to anyone’s budget. A Home Equity Loan can help provide financing for these emergency situations.

Major Purchases: Whether it is a home furnishing, a new car, a boat, or motor home, a Home Equity Loan can offer more options for tailoring financing to your needs.

Home Purchase: If you want to put less than 20% down on your purchase, the “Piggy-back” Home Equity Loan lets you finance 80% of the purchase price in a first mortgage, and the remaining financed amount in a home equity loan. This finance structure avoids the added finance expense of Private Mortgage Insurance traditionally required when financing in excess of 80% loan to value (LTV). State restrictions may apply. Origination fees may apply and is subject to borrower’s affordability and owner occupancy.