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Home Equity Loans
As a homeowner, you can earn credit for the equity in your home. It's flexible - you decide how and when to spend your money. Use it to "fill in the blanks" for your dream plan, whether it's a new kitchen, a new car, or to consolidate debt. Other benefits include:
- Your interest may be tax deductible (consult a tax advisor)
- Low fixed rate with one simple monthly payment
- No prepayment penalty or cancellation fee
- Use it for just about
anything - a car, vacation, home improvement
project, medical bill, debt consolidation, and more
What type of Home Equity Loan is right for me?
- If you do not know how much money you will need, or if you plan on using the money over an extended period of time, you may want a home equity line-of-credit. With a line-of-credit, you have a maximum limit, and are charged interest only on the amount you use at any given time. You will receive convenience checks so that you can simply write a check for the amount you need.
- If you plan on making one single purchase, or you know the amount of money you need, you may want a fixed rate home equity loan. That means you receive the entire balance at the time you take out the loan.
What are some of the additional costs involved with a Home Equity Loan?
With a home equity loan you'll pay a closing cost, which averages around $212.50 at Glacier Hills.
You will also pay an annual maintenance fee for a line-of-credit. The Glacier Hills fee is $25, and it is waived the first year. Other financial institutions may charge $50 - $100 in annual maintenance fees. Some financial institutions also charge prepayment penalties or early cancellation fees upwards of $300. Glacier Hills has no prepayment or cancellation fee.
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