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How to use your home’s equity to get money

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You could have money in your home. Not under the mattress, or in a change jar, but in your equity. So, what is equity? It’s simply the difference between what your home is worth and what you owe. To ease the pain of paying for your mortgage, remember that every time you make a payment, you’re building equity!

Equity can be used as collateral to secure a home equity loan or line of credit (HELOC). The more your equity grows, the more borrowing power you have. With a home equity loan, you borrow a lump sum of money to repay over a set term, usually 5 to 15 years, giving you the security of a locked-in rate and a consistent monthly payment.

A HELOC is much like a credit card. You can borrow money as you need it, up to your credit limit. A HELOC is usually a variable-rate loan, so your monthly payments will change based on your outstanding balance and prime interest rate fluctuations.

Altana offers a unique Interest-Only HELOC, which helps keep your payments affordable. You can choose a fixed or variable rate and enjoy a generous payback period.

Now here comes the fun part. You can use the money for anything. Literally. For instance, when you need cash to remodel your kitchen or bath, do a landscaping project, for debt consolidation, college expenses, a vacation, really whatever you need, a home equity loan or HELOC could be your best bet.

The interest on a home equity loan or HELOC may be tax-deductible if you tap into the home equity to substantially improve your home. Please discuss this with your accountant.

Meet the dynamic team of home loan specialists at Altana FCU. They’re ready to help walk you through your options and find the fit that’s best for you.

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