Home Equity Products
Make your home work for you
At Passumpsic Bank, we offer a range of home equity loan products to help you achieve your financial goals. Whether you're looking to make home improvements, consolidate debt, or fund other large expenses, we provide flexible solutions tailored to your needs. Our home equity loan options allow you to tap into the value of your home, offering you the financial resources to pursue your projects or manage life's unexpected costs. Whatever your plans, our team is here to help you navigate the process with confidence and ease.
If you're considering how to access the value in your home, home equity lines of credit and equity-based loans are two great options to explore. A home equity line of credit offers you flexible access to funds, allowing you to borrow as needed and only pay for what you use. On the other hand, equity-based loans provide a lump sum with fixed terms, making it easier to plan for larger expenses with predictable payments. Both options give you the opportunity to use your home’s equity for a variety of purposes, and our team can help you choose the best solution for your situation.
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Home Equity Products FAQs
Answer:
Home equity products are loans that allow you to borrow money using the equity in your home as collateral. There are typically two types of home equity products. One is a Home Equity Loan which is typically a fixed rate, fixed term loan that is used once and has payments due monthly for a set period of time. A home equity line of credit is a revolving line of credit loan that typically has a variable rate and can be used over and over again up to a set loan amount.
Answer:
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that provides a revolving credit line up to a set amount. The required payments on Home Equity Lines of Credit are typically interest only during the draw period and is based on the amount of the line used. The rate on a HELOC is typically variable. A home equity is a loan needed for a specific purpose, loan amount, term, rate, and payment. The rate on a Home Equity loan is typically fixed for the term.
Answer:
Not usually. We typically try to use tax bill, AVM, or Broker Price Opinion.
Answer:
1-3 days when submitted with appropriate verification documentation.