Add Financial Flexibility Using Your Home’s Equity
Purchasing a home is not only a big investment in your future. It is also offers you financial flexibility as you make your monthly payments. With each mortgage payment you make, you build up equity in your home. That equity gives you a tool for financial flexibility. At Bank of Deerfield, we offer two options to use your home’s equity – home equity loans and home equity lines of credit. If you’d like to learn more about either of these options, stop into one of our offices to speak with our lending team.
Comparing Home Equity Loans & HELOCs
Home Equity Loans
With this option, you receive a lump sum with the full amount of your loan up front. We offer these loans with flexible terms and competitive rates.
Home Equity Lines of Credit (HELOCs)
HELOCs allow you to use your home’s equity as a revolving line of credit. You can draw on the line of credit as needed, and as you make payments on what you borrowed, more money becomes available.
How You Can Use Your Home’s Equity
Whether you choose a home equity loan or a HELOC, your home’s equity can be used for a variety of things, including:
- Funding home improvement or repair projects
- Consolidating debt
- Paying for an unexpected expense
- Furthering your education
- Making sure you can pay for a family vacation
- Preparing for future investments
Meet Your Lender
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Contact Me
Tracy Goodman
Assistant Vice President, Mortgage Loan Officer
NMLS: 556434
Divisions: Mortgage Lending, Officers
Location: Main Street Office
Phone: (608) 764-1003
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Contact Me
Mindy Halverson
Assistant Vice President, Mortgage Loan Officer
NMLS: 928897
Divisions: Mortgage Lending, Officers
Location: Main Street Office
Phone: (608) 764-1016