Warmer temperatures are right around the corner and now is the perfect time to spring into action with a home equity loan! You’ve worked hard for your home. Now let your home work hard for you. As a homeowner, you may have heard about home equity loans. With a home equity loan, you have the flexibility to tackle a variety of projects using the equity in your home. Whether you want to spruce up your home for spring, plan a vacation or consolidate debt, you can do it on your terms with help from Franklin Savings Bank.
What is a home equity loan?
A home equity loan is a loan secured by a subordinate mortgage on one’s primary residence. A traditional home equity loan provides lump-sum proceeds at the time the loan is closed.
Benefits of a home equity loan:
There are many benefits of getting a home equity loan through Franklin Savings Bank including:
- Fixed interest rates
- Fixed monthly payments
- One lump-sum distribution at closing
- Interest may be tax deductible*
- Quick processing time
- Variety of terms
- Competitive rates
What are some examples of ways that you can use a home equity loan?
Whether it is one large project or multiple small projects, a home equity loan can allow you to:
- Improve the energy efficiency of your home
- Paint or install siding on the exterior of your home
- Roof repair or replacement
- Pay for education expenses
- Take a well-deserved vacation
- Remodel your kitchen
- Pay off high-interest credit card debt
Ready to get started?
Our goal at Franklin Savings Bank is to make applying for a loan as simple as possible. FSB’s well-trained, professional, and dedicated staff love helping customers through the process. Contact our residential lending team today at 603.934.4445 or 1.800.483.4445 to schedule an in-office appointment or apply online today from the convenience of your home.
Find more tips and information from Franklin Savings Bank. Check out our FSBlog or follow us on Facebook or Twitter.
*Consult your qualified tax advisor for more information.