TEG has home equity loan options that allow you to use your home’s equity in your primary residence to help you pay for life’s big expenses.
What is the best way to use home equity?
Home ownership can be rewarding, personally and financially. If you’ve built up enough equity, you can also use homeownership to help you and your family confront life’s challenges. When you are facing or considering a large expense, borrowing against the value of your home can be a savvy way to secure low interest rates as you pay off the loan.
Here are some effective ways to put a home equity loan to work for you and your family:
- Home improvements and additions
- Debt consolidation
- Reduced interest rates on your monthly payments
- Emergencies and medical expenses
- Investment capital for a new business venture
- Down payment on a new investment property
FIXED RATE HOME EQUITY LOAN
(Fixed Rate As Low As)
This option is best for meeting a one-time financial need as the funds are disbursed all at once in one lump sum. With a fixed rate, you’ll know exactly how much each payment will be for the life of your loan.
- Loan amounts between $25,000 and $250,000
- Terms up to 15 years
- Low fixed interest rate
- No closing costs1
HOME EQUITY LINE OF CREDIT
(Variable Rate As Low As)
A HELOC might be the best option for you if you want the flexibility to borrow funds as you need them. With a revolving line of credit2, it’s easy to finance needs like home improvements that increase the value of your home and may take separate phases to complete.
- Credit lines between $25,000 and $250,000
- Initial advance of $5,000, no minimum for subsequent advances
- Funds accessible by transfer, in-person requests, and home equity checks
- Draw period up to 10 years
- Repayment period up to 15 years
- Variable interest rate3
- No closing costs1
1 Borrower is responsible for prepaid items including interest, taxes and insurance, if applicable. If loan is paid in full within 36 months, borrower will be responsible to pay $750 in closing cost recapture. An upfront appraisal fee may be required which will be refunded at closing. 2Minimum payment during draw period is interest only. 3
*Rate is subject to change monthly and is based on the Prime Rate as published in The Wall Street Journal.
*Some restrictions may apply. We offer home equity loans/lines of credit up to a competitive percentage of appraised value.
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