Home Equity Loans
Put Your Home to Work for You with a Home Equity Loan or Line of Credit
Whether a big expense is anticipated or not, many people have trouble paying in cash for home repairs, renovations, medical bills, college tuition and other necessities. Often your home is your biggest asset, so it might make sense to borrow equity to use for major purchases while you’re still living in your house. Homeowners also take advantage of lower interest rates on home equity loans to consolidate credit card and other debt.
At MIDFLORIDA we have competitive rates on both Home Equity Loans and Home Equity Lines of Credit. What works best for you depends on your preferences, what you’d like to do and what your immediate and long term needs are. Our local lenders live where you live and understand the real estate market. We offer the kind of individualized service that is increasingly hard to find with national banks and lenders.
Home Equity Lines of Credit (HELOC)
A HELOC is a flexible way to use your home’s value to your advantage. It can be secured by a first or second mortgage on your primary residence (manufactured homes are not eligible). Benefits include competitive variable interest rates, low closing costs, and the possibility of taking a tax deduction on the interest you pay. Consult a tax advisor regarding the deductibility of interest.
Homeowners appreciate the convenience of drawing on a HELOC simply by writing a check, which provides easy access to credit when you need it. Borrow as much or as little of your credit limit as you need. As soon as you pay down the balance that credit becomes available again. Many people open HELOCs even if they don’t need to use them right away. It creates peace of mind to know that when an emergency arises you have available credit at a much lower interest rate than a credit card.
Home Equity Loans
Our home equity loans are fully amortizing adjustable rate mortgages in which you borrow a specific amount. This is a great option when you need to borrow for a purpose such as a home improvement project, debt consolidation, or other personal need. Home equity loans also offer the predictability of a set payment schedule for a certain period of time. And as with HELOCs, interest rates are lower than credit cards and you may be able to deduct the interest you pay each year. Consult a tax advisor regarding the deductibility of interest.
Discover the Advantages of Banking Locally
Not sure whether a home equity line of credit or home equity loan is right for you? Visit any of our local branches in Ocala, Belleview, Gainesville, Summerfield or The Villages and one of our loan officers can help you figure out the best loan to meet your needs. At MIDFLORIDA, banking is personal and our customers are our focus. We’ll help you navigate the Home Equity Loan or Line of Credit application process from start to finish.
NMLS # 417627