A home equity account is a smart
tool for managing one of your largest
assets –– your home. With potential
tax advantages and lower rates than
most other types of credit, a home
equity loan or line of credit can
be an important financial resource
for meeting large expenses.
What’s the difference
between a home equity line of credit
and a home equity loan?
| |
Home
Equity Lines of Credit |
Home
Equity Loan |
| Profile |
Home Equity
lines of credit are a resource
you can use any time, for
any kind of expense. |
Home equity
loans provide you the funds
you need in one easy, lump-sum
disbursement. |
| Ideal for: |
Ongoing expenses
including:
Home improvements
Educational and medical
expenses
Life events such as a
new baby or wedding
Small business expenses
|
Major one-time
expenses such as:
Buying a new car
Financing the down payment
on a house
Consolidating bills |
| Payment
Options |
Monthly payments,
including interest only
that vary depending on the
current rate and amount
you've borrowed. |
Predictable
monthly payments that stay
the same no matter how the
economy may change. |
| Interest
Rate |
Variable interest
rate tied to the prime rate.
Get a customized rate quote online or by calling
(800) 955-8508. |
Fixed interest
rate.
Get a customized rate quote online or by calling
(800) 955-8508. |
| A smart
option to consider if
you: |
Have multiple
needs now and in the future
Prefer flexible payment
options, including interest-only
Are less concerned about
changing rates and monthly
payments |
Are financially
conservative
Want the stability of
a predictable monthly
payment
Prefer a simple product
for a one-time need |
|
Top Three Uses
of Home Equity Financing
Get Competitive Rates. Apply Online Now or call to apply.
(800) 955-8508
Whatever you need money for, you
can benefit from the low interest
rates and potential tax advantages
of home equity lines of credit
and loans. The three most popular
uses of home equity accounts are
to finance home improvements, consolidate
bills, and make big purchases.
Home improvements
Many homeowners access their home
equity to pay for remodels and other
home improvements — everything from
a new kitchen or bathroom to a series
of repairs and upgrades.
Ready to make
home improvements?
Get a customized rate quote online. Call a home
equity expert at
(800) 955-8508 for a no-obligation
consultation.
Consolidate bills
You can also use your home equity
to combine all of your high-interest
bills into a single, more manageable
monthly payment. You can increase
your cash flow by lowering your
monthly payment and — since it’s
easier to keep track of just one
bill — more effectively manage your
finances.
If you’re paying high interest
rates on outstanding balances, consolidating
your bills with a lower-rate home
equity line of credit or loan could
significantly reduce the amount
of interest you pay over time.
Estimate how much you could save
with our Debt Analyzer.
When you apply with Freedmont Mortgage® Corp, just let us know which bills
you want to consolidate, and we'll
pay your creditors on your behalf.
Ready to consolidate your bills
into one easy payment?
Get a customized rate quote online. Call a home
equity expert at
1-800-955-8508 for a no-obligation
consultation.
Big purchases or
expenses?
Lower rates and potentially tax-deductible
interest can make home equity financing
a less expensive option than a traditional
loan. So a home equity line of credit
or loan is also a good way to finance
large purchases or expenses such
as:
- A new car
- College tuition or other education
expenses
- Medical expenses
- A life event (wedding, baby,
retirement)
- Taxes
- Investment opportunities
Ready to finance a big purchase?
Get a customized rate quote online.
Call a home equity expert at
1-800-955-8508 for a no-obligation
consultation.
|
