HOME EQUITY LOANS & HOME EQUITY LINES OF CREDIT
CHOOSING YOUR HOME EQUITY FINANCING
Using the value of your home equity is a great way to finance everything from projects around the house, to weddings, vacations, school costs and more! At Greenwood, we have a number of home equity options to choose from, and one that’s guaranteed to fit your individual need!
HOME EQUITY LOAN
Say you have a large home renovation or remodel. Perhaps it is adding a pool, replacing your roof, or redoing your kitchen or bath. Whatever your project, the right option for your is most likely our Home Equity Loan. A home equity loan allows you to take out a specific amount of money for a term of up to fifteen (15) years and pay a fixed interest rate. And your interest may be tax-deductible (consult your tax advisor). This loan is limited to 80% of your home’s Loan-to-Value, but we also offer High-Loan-To-Value (HLTV) Equity Loans that allow you to borrow up to 100% of the value of your home and come with fixed rates, fixed payments and low costs.
For home equity loan payments: At 6.99% APR, 60 monthly payments of $19.80 per $1,000 borrowed
For home equity loan payments: At 7.24% APR, 120 monthly payments of $11.73 per $1,000 borrowed
For home equity loan payments: At 7.49% APR, 180 monthly payments of $9.12 per $1,000 borrowed
For home equity loan payments: At 7.74% APR, 240 monthly payments of $8.20 per $1,000 borrowed
HOME EQUITY LINE OF CREDIT
The best option for when you need extra cash for purchases, vacations, school payments or even a wedding. With a Home Equity Line of Credit, you are approved for a total amount. Then you draw out the money you need when you need it. You make payments on the money you use.
- No Fees or Closing Costs
- No Annual Maintenance Fee
- Monthly Payments as low as interest only
- Can Be Used for Any Purpose