Your Home Can Help Fund Your Dreams
Your home is one of the biggest assets you own and the equity in your home can help you fund home improvement projects, college tuition, a wedding or many other life events.
Here are some things to think about before taking out a home equity loan:
- Which type of home equity loan best fits what you want to accomplish?
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 any equity in your home? What is your home’s current value?
Do you have a current appraisal on your home? Westerra Credit Union 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.
- Determine which loan term is best for you.
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.
- Taking the next step.
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.
- Is the interest tax deductible?
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.
Westerra Is Here To Help!
As a Special Olympics Colorado sponsor, we welcome your questions and will assist you in finding the right lending option for you. Plus, Westerra will also donate $52.80 back to Special Olympics Colorado when you choose to use our services.
Start making your dreams a reality! Schedule a consultation appointment at any Westerra branch, apply online or call 303-321-4209 for more information.
Westerra donates $20 to the Colorado Homeownership Coalition for each closed mortgage.