This loan is the most efficient...and affordable...way to take advantage of the equity you've been building. You can borrow up to 80% of your home's value, minus your mortgage balance, and choose the term and rate that are right for you. Some additional benefits might be:
- No closing costs
- Competitive interest rates
- Interest paid may be tax-deductible
- A choice of rates and terms: Fixed rate, up to a 10-year term, as well as a 20-year balloon; and, with terms up to 15 years. With a low fixed-rate equity loan, you could remodel your home, fix part of your current equity line and/or keep part of your current equity line, and lock into a lower monthly payment.
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