Any of these projects on your list?
If you're a homeowner, a Home Equity Line of Credit is one of the best ways to borrow because the interest may be tax deductible.* A Home Equity Line of Credit is a revolving credit line that allows you to borrow 80% to 95% of your home's value. Just use the amount you need, when you need it!
|"How much equity do I have?"||Here's an example:|
|Appraised value of home||$100,000|
|Multiply by 80%||$ 80,000|
|Subtract balance of first mortgage loan||- 60,000|
|Potential line of credit||$ 20,000|
Accessibility. Access your line of credit through CATS Line, CATS online, or with specially issued Home Equity Line of Credit checks.
Perfect for members with $25,000 of equity in their homes, at 80% LTV or less.
Although similar to home equity lines, second mortgages feature a fixed rate for a fixed period of time. A second mortgage is often used for a large purchase or debt consolidation.
*Consult your tax advisor regarding deductibility. Property must be primary residence in the state of Ohio. Equity Rate is subject to quarterly adjustment.