Home Equity and HELOC Loans
Do you need extra cash to help pay for home improvements? Perhaps you're looking for an alternative way to pay for your child's college education or to purchase a new vehicle. Do you have a stack of unexpected medical bills? Maybe you simply want to consolidate debt. Help is closer than you think. Try looking at the equity in your home as a source of additional funds. With a Home Equity or HELOC (Home Equity Line of Credit) loan from ACMG, you can borrow against the equity that you've worked hard to build - to help pay for these things!
Estimating the amount of equity in your home is easy! Just use this simple equation:
EQUITY = Home Value($$) x .80 minus any outstanding mortgage balance ($$)
Home Equity Loans are fixed rate loans that have the same payment each month for a specific term (similar to an auto loan). Your interest may be tax-deductible, and it is recommended that you check with your tax consultant.
HELOC (Home Equity Line of Credit) Loans are a variable rate loan that you access as you need it. The interest rate changes with the prime rate and you borrow at the best rate available at that time. As you pay down your balance borrowed, you increase your available credit for future borrowing. Interest may be tax-deductible, but again, please check with your tax consultant.
And remember....Payment Protection is available to give you peace of mind. It can help protect you, your family, your credit rating & collateral.
For more information about a Home Equity or HELOC Loan at ACMG FCU, please contact a helpful loan officer at a branch near you! Members may also complete an ACMG Online Request Form to obtain additional information.
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