A couple outside looking at their new home

 

 

Utilizing your homes equity can be a great alternative versus paying high interest rates on credit cards or other types of loans.  Eaton Federal offers two types of equity loans to help meet the individual needs of our customers. 

HELOC

Home equity lines of credit (HELOC) provide homeowners convenient, flexible and readily accessible funds for whatever purpose they choose. Whether it is home improvements, debt consolidation, education or vacations, a Home Equity Line of Credit from Eaton Federal allows you to use the equity in your home to your advantage.

Features and Benefits of Home Equity Lines of Credit 

  • Secured by a mortgage on a principal residence or vacation home. 
  • Use the proceeds for any purpose. 
  • Establish a credit line of up to 80% of the home’s value. 
  • Access the credit line in a variety of ways including checks. 
  • Interest is charged only on the outstanding balance.  
  • A competitive floating rate that is tied to Prime. 
  • Rates are typically less than other types of revolving consumer debt such as credit cards.  
  • For most borrowers, interest is tax deductible. To determine if interest is deductible for you, consult a tax professional. 

 

 

 

 

 

 

Fixed Equity

 

 A closed end home equity loan is a great way to put the equity in your most valuable asset, your home, to work for you. Use them for any purpose you choose such as making home improvements, purchasing a car or tractor, funding a college education or consolidating other higher rate debts. Our Fixed Equity Loans feature low upfront costs, a fixed interest rate, payment and rates that are typically below other types of consumer loans. In addition, the interest is often tax deductible making these loans even more attractive. So, if you are considering a consumer loan for any purpose, choose a Fixed Equity Loan from Eaton Federal and make your home work for you. 

 

 

 

 

 

 

 

Features and Benefits of Fixed Equity Loans

 

  • Secured by a mortgage on a principal residence or vacation home.
  • Use the proceeds for any purpose.
  • Borrow a specific amount and pay it back in equal monthly payments.
  • Provides the peace of mind of a fixed rate and payment throughout the life of the loan.
  • Available up to a 15-year term.
  • Competitive rates that are typically below other types of consumer loans.
  • You can borrow up to 80% of the home's value.
  • There is a nominal $100 processing fee, plus we cover the cost of credit reports, title insurance and recording fees. For many borrowers there is minimal out of pocket cost.
  • For most borrowers, interest is tax deductible. To determine if interest is deductible for you, consult a tax professional.
  • Rate subject to credit approval and a higher rate may be charged based on the applicant(s) credit scores. 

Let Eaton Federal help make your homes equity work for you.  Apply Now through our quick and convenient online application or contact a local Eaton Federal loan officer  to get the process started!