Home Equity Loans
Use your assets to your advantage
If you’ve got a home, you’ve got options. Consolidate your debt, free up money for other investments or tackle a remodel with a home equity loan. With your home as collateral, you can tackle large expenses and secure an excellent, fixed rate and great terms when you finance with First International Bank & Trust.
What is home equity?
Your home equity is based on the difference between the appraised value of your home and your current balance on your mortgage. For example, if the value of your home is appraised at $200,000 and you still owe $150,000 on your mortgage, your available equity is $50,000.
What advantages does it offer over other loan products or lines of credit?
Home equity loans typically carry fixed interest rates that are often lower than credit cards or other unsecured consumer loans. A fixed rate provides more straight forward budgeting, since your monthly payment amount remains the same over the life of the loan. A home equity line of credit (HELOC) offers a variable rate, which gives you a revolving credit line to use for large expenses, or to consolidate higher-interest rate debt.
Who can qualify for a home equity loan?
If you have considerable equity in your home, are a responsible borrower, with steady reliable income you may be eligible for a home equity loan or line of credit.
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