We can help you make your house your own.
Benefits for Consumers
Home-equity loans provide an easy source of cash. The interest rate on a home-equity loan — although higher than that of a first mortgage — is much lower than on credit cards and other consumer loans. As such, the number-one reason consumers borrow against the value of their homes via a fixed-rate home equity loan is to pay off credit card balances (according to bankrate.com). Interest paid on a home-equity loan is also tax deductible, as we noted earlier. So, by consolidating debt with the home-equity loan, consumers get a single payment, a lower interest rate and tax benefits.