Tap into your home's equity!
Using the equity in your home is one of the most cost-effective ways to borrow money. Whether you are considering home renovations, debt consolidation, a large purchase, or something else, a home equity loan is a way to use the equity you've built in your home without impacting your current mortgage.
How do I calculate the equity I can use?
You may be able to borrow up to 80% of your home's appraised value less any mortgage balance outstanding. For example, let's assume that your home just appraised for $120,000 and your 1st mortgage at the bank is $65,000.
When should I use a home equity loan?
These loans are ideal for large expenditures, remodeling costs, or debt consolidation. They can be amortized over varied lengths, and the fixed rate guarantees that the payment will not change. Please contact one of our mortgage lenders for current rates and terms.
When should I use a home equity line of credit?
A home equity line of credit is a good option for those who want the flexibility to borrow on an as needed basis. You are only billed for interest on the funds that you have used, and principal may be paid at any time as an additional payment. Once the principal is paid, it becomes available to borrow again.
Frequently Asked Questions
Contact a First Community Bank Mortgage Lender today!
Brandon S. Leestma - 231-526-2114 - NMLS ID 1667964
Katie VanRiper - 231-526-2114 - NMLS ID 2436335