Home Equity Loans to the Rescue!

[ 0 ] March 24, 2014 |

Everyone knows that it’s been one of the roughest winters in recent history across the entire country.  It has left a lot of damage in its wake…leaky roofs, crumbled cement on sidewalks, ponds of standing water where back yards used to be.  In other words, homes are a mess after this winter, and many people are wondering where to get the funds to make the necessary repairs to them.

Well, home equity loans can come to your rescue!  These loans provide funds based on the equity in your home, and are usually secured by a second mortgage on the home.  The interest rates are low right now—and you can choose between a fixed rate product for 5 or 10 years or a line of credit that floats with the Prime rate that can be drawn on and repaid over a 10-year period.  Closing costs are relatively inexpensive, and some are even paid for by IAACU!  Using the home as collateral provides most borrowers the added benefit of being able to deduct the interest paid on these loans on their income taxes.  So all in all, you can use the equity in your home to your advantage!1151641_47604281

Home equity loans can be used for home improvements, car purchases, college education fees, vacations, whatever comes up in your life.  As long as your home’s present value is high enough, and your first mortgage’s balance isn’t really high compared to that value, you can look at using funds up to a maximum of 90% of the value of the property on a home equity loan.  Until April 30th, IAACU is even offering a discount in the interest rate for the first year of the loan, as long as you take out a minimum of $5,000 on the new loan.

So if you find yourself having to fix the damage that this winter has done to your home, you should look into getting a home equity loan with IAA Credit Union.  Our mortgage staff can figure out if you have equity to use in your property and what product would be the best in meeting your needs.  Now that spring is in the air, it’s time to make that call to see what IAACU can do for you to make your home your “castle” again!



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Category: Homes & Loans

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