Home Equity Loans & HELOC'sMaking the most of your home's equity
NMLS ID# 410479
If you own a home we appreciate that you have worked hard over the years to make your mortgage payments. Reward yourself by using the equity you worked so hard to establish with a home equity product from Bristol Morgan Bank. Stop in or give one of our lenders a call to talk about how you can get a home equity loan.
Home Equity Loans and Home Equity Lines of Credit (HELOC)
A home equity product from Bristol Morgan Bank allows you to use some of the equity in your home for things like home improvements, debt consolidation or other major purchases. Home equity loans and home equity lines of credit (also called HELOC’s) use the equity you invested into your mortgage as collateral. A HELOC will give you access to the funds in the form of a personal line of credit that can be used as you need it. A home equity loan gives you the funds in one lump sum.
One great benefit of a home equity line of credit or personal home equity loan is the interest is generally tax deductible. (Of course, you’ll want to consult your tax adviser to be certain this benefit is applicable to your individual financial situation.)