We know that sometimes it’s necessary to take out loans in order to get things done. That’s why at INSOUTH Bank we offer a variety of loans to our customers. Home Equity Loans are one way to get cash for large purchases.
Home Equity Loans are lump sum loans that are made available based on the value of your home. Common reasons for needing a Home Equity Loan are college tuition, home improvements, debt consolidation, medical payments or the purchase of a second home. Consumers who need large sums of money are drawn to Home Equity Loans because they allow for larger loans. This type of loan is also appealing as it is typically easier to get even if you have bad credit.
The interest rate is determined at the on-set of the loan and is fixed through the duration of the loan. Interest rates on Home Equity Loans are often lower than on other loans. You may also be eligible for a tax deduction on the interest on a Home Equity Loan. While banks are typically more likely to approve a Home Equity Loan, remember that your home is used as collateral. Payments are made monthly and you risk losing your home should you fail to repay the loan.
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