home equity loans
Equity-Based Loans Fit for You
Use the Equity in My Home
- It's secured financing, so it may have a lower interest rate than an unsecured loan
- There's no prepayment penalty
- It may have tax benefits (talk to your tax advisor)
Home Equity Loan Options
Home Equity Line of Credit Options
Which One Should You Apply For?
Home Equity Line
Details
Home equity lines are used primarily as financial safety nets, or “rainy-day funds.” People just like you also use home equity lines for medical bills, wedding expenses and vacations. How does it work? A home equity line is a revolving “line of credit” that remains available to you for a specified time period, with an adjustable interest rate that is applied to the outstanding balance. A line provides a set credit limit with a variable interest rate and gives you access to funds both now and into the future. Get convenient access to funds through your Bell Bank deposit account.
When applying, please be prepared to have the following ready:
- Personal financial information about you
- Verification of your income from employment and other sources
- Outstanding balance of your current mortgage
- Estimated value of your home
Home Equity Loan
Details
If you’ve been thinking about adding on to your house, remodeling or redecorating, using the equity in your home could make a lot of sense. Home equity loans can also be used for education payments, medical bills, wedding expenses, vacations and consolidating debt.
When applying, please be prepared to have the following ready:
- Personal financial information about you
- Verification of your income from employment and other sources
- Outstanding balance of your current mortgage
- Estimated value of your home