8 Ways to Pay for College
Paying for college comes with some big financial questions. Start planning ahead with this quick overview of 8 common strategies.
Your home is many things — it's your shelter, a safe place to raise your family, and the backdrop for all of life’s adventures.
But your home can be even more than that. With a home equity loan or a home equity line of credit, your home
can also help fund other financial goals.
Home equity refers to the market value of the home minus the remaining mortgage balance. Whether you’re looking to remodel, finance your child’s education, or access funds for other reasons, home equity can help. Talk to us about whether a home equity loan or a home equity line of credit might be right for you.
A home equity loan lets you borrow a lump sum against the value of your home.
The repayment term is usually a fixed period, typically from 5 to 15 years. Usually the payment schedule calls for equal payments that will pay off the entire loan within that time. Home equity loans feature fixed monthly payments at a competitive
rate, with low closing costs.1
Those who need a set amount of funds for a specific purpose, such as an addition to their home, or to pay off a specific amount of debt
Advantages of a home equity loan:
A home equity line of credit is a form of revolving credit.
A specific amount of credit is set by taking a percentage of the appraised value of the home and subtracting the balance owed on the existing mortgage. Income, debts, other financial obligations, and credit history are also factors in determining the
credit line. Some lenders will charge membership or maintenance and transaction fees every time you draw on the line. Interest is usually variable rather than fixed.
Once approved, you have the flexibility to tap funds whenever you need them, so whether you tackle a full-blown remodel — or just do a few upgrades — you’ll have the funds on hand.
Advantages of a home equity line of credit:
Lines are available for up to $350,0003 depending on your credit and your home’s value. Tapping your line of credit is as easy as writing Equity Checks, using your HELOC debit card for purchases, or transferring funds from your line of credit to another account.