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.
*Consult your qualified tax advisor for more information.