Looking for access to large amounts of cash to cover significant expenses? From home improvements to debt consolidation, finding an affordable loan with favorable repayment terms can prove difficult.
Home equity loans provide homeowners with quick access to a lump sum of cash at competitive, fixed interest rates.
What is a Home Equity Loan?
Home equity loans allow homeowners to borrow against the equity they've accumulated in their property. Since the loan is secured by the borrower's property, home equity loans tend to offer more favorable rates and repayment terms in comparison with similar loans.
Geddes Federal offers home equity loan rates with competitive, fixed interest rates to help our valued customers achieve their goals.
How Much Can You Borrow with a Home Equity Loan?
The amount you can borrow in a home equity loan is dependent on your home's fair market value and your current mortgage balance. Our loan professionals will evaluate your financial situation to determine the maximum loan amount you may qualify for.
How is Home Equity Determined?
The equity in your home is calculated by subtracting your remaining mortgage balance from the value of your home. The remainder is considered to be the equity you have in your home.
5 Uses for a Home Equity Loan
Home equity loans are a flexible financial tool and can be used for a wide range of purposes, but they're most commonly used for:
1. Home Improvements
Home improvements are the most popular use for home equity loans because they allow homeowners to use the equity in their home to further increase the value of their home. With the surge in home valuation over recent years, homeowners with increased equity have been more motivated to obtain cash to handle projects they wouldn't have been able to afford otherwise.
While homeowners may not see a full return on investment from home improvements, they can increase the value of their home significantly and make it more comfortable to live in. To get started...
2. Debt Consolidation
Paying off multiple high-interest debts that continue to stack up can feel like an uphill battle. Home equity loans can help borrowers consolidate their high-interest debts into one manageable loan with potentially lower interest rates.
Ready to Discuss Your Options? Call Us at (315) 468-6281 Today
3. Paying for Education
Covering education costs for yourself or your loved one can be a life-changing investment. Home equity loans can be used to fund tuition, classroom materials, housing and other education-related expenses.
While student loans may be the best route for some people, it's worth checking if a home equity loan can offer a better interest rate to save you money.
4. Emergency Expenses
Medical bills, repairs, and other emergency expenses can leave you with more questions than answers. Home equity loans give homeowners the opportunity to pay off unexpected expenses while leaving their other assets untouched.
Questions? Call Us at (315) 468-6281
5. Business Ventures
Looking to start your own business, but don't have the upfront capital to make it happen? Home equity loans provide entrepreneurs with quick access to a lump sum of cash to cover expenses associated with starting a business, such as inventory, hiring, marketing, and more!
While this is a riskier option because businesses don't have a guaranteed return on investment, using a home equity loan to start a business can provide potentially higher returns if the business succeeds.
Benefits of Fixed Rate Loans
Fixed interest rates never change throughout the life of a loan, whereas variable interest rates may fluctuate and increase over time.
With a fixed-rate home equity loan, you can enjoy the peace of mind that your loan payments will never increase through the life of your loan. This stability makes it easier to plan your finances and budget accordingly.
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Get Your Home Equity Loan with No Closing Costs
¹To qualify for no closing costs, customers must maintain the Home Equity Fixed Rate Loan or Home Equity Line of Credit in good standing for two years. Early discharge of the loan for any reason within 24 months of the original note date may require reimbursement of closing costs at the time of cancellation. No closing costs refers to fees typically charged at closing that are being paid for by Geddes Federal. Geddes Federal does not pay for discharge fees, abstract bring down fees or interest due at closing, where applicable.'
Questions About Home Equity Loans?
Not sure where to begin for a home equity loan near Syracuse NY? Our friendly loan professionals are ready to help and answer any questions you may have along the way.