OPTIONLINE, HOME EQUITY LINE OF CREDIT

OPTIONLINE, HOME EQUITY
LINE OF CREDIT

Convert equity in your home into funds you can use for anything you need.

Convert equity in your home into funds
you can use for anything you need.

Imagine what you can do with a home equity line of credit:

The average cost of a bathroom remodel is $10,279.*

The typical American household has an average credit card debt of $8,284.*

On average, college
students graduate owing over $37,171 in loans.*

 

Experts recommend six months of living expenses in your emergency fund.*

Imagine what you can do with a home equity line of credit:

The average cost of
a bathroom remodel
is $10,279.*

The typical American household has an average credit card debt of $8,284.*

On average, college
students graduate owing over $37,171
in loans.*

 

Experts recommend 
six months of living expenses in your emergency fund.*

Home Equity Line of Credit - FAQs

Home equity loan vs. equity line?

Home equity loans typically have a fixed interest rate, meaning the payment is the same each month; that makes them easier to factor into your budget.

 A home equity line of credit is similar to a credit card; you have a certain amount of money to borrow and pay back, but you can use what you need as you need it. You pay interest only on the amount you draw.

What's a fixed vs. variable interest rate?

Fixed-rate financing means the interest rate on your loan does not change over the life of your loan. Variable-rate financing means the interest rate on your loan can change based on the prime rate or another rate called an “index.”

What does LTV mean?

LTV stands for loan-to-value. It is the total amount of liens on a property divided by its fair market value.  LTV is used to determine how much you’re eligible to borrow.

Is the interest I pay tax deductible?

Under the new tax law, only certain interest is deductible. For example, money used to improve your home. Consult with your tax advisor to determine if the interest you pay is eligible.

Home equity loan vs. equity line?

Home equity loans typically have a fixed interest rate, meaning the payment is the same each month; that makes them easier to factor into your budget.

 A home equity line of credit is similar to a credit card; you have a certain amount of money to borrow and pay back, but you can use what you need as you need it. You pay interest only on the amount you draw.

What's a fixed vs. variable interest rate?

Fixed-rate financing means the interest rate on your loan does not change over the life of your loan. Variable-rate financing means the interest rate on your loan can change based on the prime rate or another rate called an “index.”

What does LTV mean?

LTV stands for loan-to-value. It is the total amount of liens on a property divided by its fair market value.  LTV is used to determine how much you’re eligible to borrow.

Is the interest I pay tax deductible?

Under the new tax law, only certain interest is deductible. For example, money used to improve your home. Consult with your tax advisor to determine if the interest you pay is eligible.

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