Borrowing with your home's equity as collateral offers two major benefits:
- the interest rate will usually be much lower than what you'd pay on a credit card or personal loan and
- the interest you pay on a home equity loan is usually tax deductible, which further reduces the cost of borrowing. *
You don't get tax deductions for interest paid on credit cards and personal loans.
You may use up to 100% of your home's equity for everything from home improvements, college tuition or a new car to a vacation, bills, a wedding, or a home-based business.
Home Equity Line of Credit
Borrow as you need up to a preset limit with Affinity Plus' Home Equity Line of Credit. It carries a variable interest rate tied to the Prime Rate Index. As you repay the loan, the funds become available to tap again and again, without having to re-apply each time you need money.
You can access funds with checks, use Access Plus on-line banking or STAR bank-by-phone to have funds transferred to your checking account or mailed to your home.
Home Equity Loans
A Home Equity Loan is a lump sum you borrow at a fixed rate, with terms up to 15 years. Your monthly payment stays constant throughout the loan term. The loan can be paid to you directly or sent to someone else.
Example: 180 monthly payments at a rate of 6.90% for $10,000.00 would be $8.93 per $1,000.00 borrowed
Home Equity Visa Card
It carries a variable interest rate tied to the Prime Rate Index. As you repay the credit card, the funds become available to tap again and again, without having to re-apply each time you need.
View your Visa account on-line and make payments through Access Plus on-line banking.
- 25-day grace period on all purchases
- No annual fee charge
- No charges for Visa cash advances
- Convenience checks
* consult your tax advisor