HOME EQUITY LOAN OPTIONS
Use the equity in your home to free up funds to consolidate debt or to help finance major expenses - such as tuition payments, home renovations, or repairs. If you are looking for a home equity loan or home equity line of credit (HELOC), Park View will help you choose the best option for your situation.
Home Equity Line of Credit (HELOC)
Similar to a credit card, this low variable rate loan allows you to borrow what you need, as you need it until you reach your credit limit.
Benefits:
- Variable-rate, based on prime
- Lower initial monthly payments
- Easy access to funds
- Potential tax savings1
- No pre-payment penalties
- No annual maintenance fees
- Use for recurring expenses like home remodeling and tuition costs
Hybrid Home Equity Line of Credit (HELOC)
Enjoy the flexibility of a HELOC combined with the steady payments of a fixed-rate loan.
Benefits:
- Keep your payments steady by locking in a fixed rate
- Easy access to the equity in your home
- No pre-payment penalties
- Potential tax savings1
- Use for recurring home remodeling, major purchases, tuition costs, and any other use
Hybrid Mortgage
Unlike a traditional mortgage, this all-in-one option combines a mortgage and line of credit into one simple loan.
Benefits:
- Ideal for someone with less than $100,000 left on their mortgage
- Lower closing costs than a traditional mortgage refinance
- Fixed rate segments for 5, 10, or 15 years with discounted rates if used within 30 days of closing
- Plus, a flexible line of credit
Disclosures
1Consult a tax advisor regarding the deductibility of interest.
So, what is equity?
Equity is the current value of your home minus the amount you still owe on your mortgage
Take advantage of your home's equity
Use the equity in your home to pay for some of life's larger expenses such as home improvements, debt consolidation, education expenses, and unexpected expenses.
