Home Equity Loans
A home is a big investment and keeping it properly maintained ensures that your investment will pay off. Get the money to complete needed repairs or make improvements by using a Home Equity Loan from TruPartner.
Use Your Home to Pay for Your Expenses.
TruPartner offers two different financing options for you to use the equity you have built in your home: an equity loan or an equity line of credit. In either case, you can use the money to make home repairs, renovate a part of your home, or build an addition like another bedroom, sunroom, or garage.
Home equity loans do not require that the money you borrow be used only for your home. You can use the money for things like college education, bill consolidation, vacations, cars, boats, or any type of purchase or expense.
How Home Equity Loans Work.
Your home’s equity is the financial difference between what you owe on the mortgage and how much your home could sell for in the current market. When you take out a home equity loan, you use your house as collateral and can borrow up to 80% of the total equity you have.
Because you are using your home as a guarantee and essentially borrowing from yourself, the interest rates are typically lower than you would get otherwise. Also, the interest that you pay on a home equity loan or line may be tax deductible. (consult your tax advisor)
Contact any of the four TruPartner offices in Cincinnati, OH at (513) 241-2050.
Home Equity Lines-of-Credit.
If you’re looking for flexibility in the way you utilize the equity in your home, our variable rate Home Equity Line-of-Credit is the loan for you.
TruPartner Credit Union’s variable rate Home Equity Line-of-Credit follows the prime rate and is designed for those who prefer the convenience of writing a check to access their line-of-credit.