DID YOU KNOW?
Home equity loans allow you to borrow against the value of your home. These loans appeal to borrowers who find that they can borrow relatively large amounts of money, and they’re easier to qualify for than other types of loans (because they are secured by your house). If your home is worth more than you owe on it, a home equity loan can provide funds for anything you want (you don’t just have to use it on home-related expenses, for example).
A home equity loan is a type of second mortgage. Your “first” mortgage is the one you used to purchase your home, but you can add other loans to borrow against the property if you have built up enough equity.
Common Home Equity Loan Uses
You can use a home equity loan for anything you want. However, they usually get used for some of life’s larger expenses because homes tend to have a lot of value to borrow against. For example, you find that a lot of borrowers want to:
- Remodel, renovate, or otherwise improve the house and property
- Pay for a family member’s college education
- Fund the purchase of a second home
- Consolidate high-interest debts
Apply online at www.sylvaniaareafcu.com or stop in to our office and complete an application. Our loan experts, Pat and Tami, can answer any questions and approval is usually 24 hours. We look forward to helping you with any and all your borrowing needs.
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