Home Equity Select* Line of Credit
Fixed or variable rate
Revolving line of credit
Advance up to three fixed-rate segments, each with its own rate and term
Access any/all of your funds whenever you want for the first 10 years
Borrow with interest-only payments or lock in a fixed rate for a term up to 20 years
Things to think about before taking out a home equity loan
Are you needing funds upfront for a one-time fix up, wedding or trip? Then a fixed rate second mortgage loan may be your best option.
If you are doing a project that will have several phases, a home equity line of credit (HELOC) may be the best choice since you can continually borrow what you need when you need it.
Do you have a current appraisal on your home? We can run a free detailed ValueCheck on your home and depending on how much you want to borrow, there may be no appraisal fees.
Also, at Westerra, there are no closing costs on HELOC loans up to $100,000.
The term of your loan can play an important role in managing the repayment. Westerra HELOCs offer 10-year interest only line of credit, which helps keep your payments low, or a 5-year line of credit with a 2% of balance payment.
Fixed rate second mortgage loans offer terms up to 15 years.
Secure your loan prior to starting your project. Have a plan and budget in place so you know what you will need and when.
A plan and budget will also help you decide if a fixed rate second mortgage loan or a HELOC is best for you.
Tax benefits differ from person to person depending on your financial situation, how you are using the funds and your tax status.
Consult your tax advisor before beginning a project so you fully understand any tax benefits.