| |
Home Equity Line of Credit
 |
Home Equity LOAN
|
| Access Money |
Borrow money
as you need it up to the credit limit. Each time you
pay principal it frees up that amount of your credit
line for later use. |
Borrow the
entire loan amount at once. |
| Interest rate |
Variable rate.
Rate calculated on a margin and a prime rate. |
Fixed rate.
Payment stays the same for the entire term of the loan. |
| Payment |
Varies monthly
with rate and depends on how much you've borrowed against
your credit line. During the five- or ten-year draw
period, you have the flexibility to pay interest only.
After the draw period, your principal and interest
payment vary to pay off the loan in the remaining years. |
Principal
and interest payment remains the same over the life
of the loan. |
| Loan Advances |
Use your access
checks to withdraw money up to your credit line amount. |
No check-writing
option. Entire loan amount received at closing. |
Tax advantages
(Ask your tax advisor) |
Interest is
up to 100% tax-deductible. |
Interest is
up to 100% tax-deductible. |
| Other advantages |
Good safety
net for unexpected expenses. |
Excellent
choice for one-time planned expenses or to consolidate
debts. |
;)
