From home sweet home to loan sweet loan.
You probably worked hard to purchase your home, and you probably work hard to keep it in tip-top shape. You do so much for your home, let your home do something for you. With Home Equity borrowing, you can put the value of your home to work for you, funding your other goals and dreams.
Benefits of a Home Equity Loan
- Competitive, fixed interest rate
- No prepayment penalties
- Low closing costs for loans less than $75,000
- No closing costs for loans greater than $75,000
- Approval in less than 3 weeks
Home Equity Line of Credit (HELOC)
Like a Home Equity Loan, a Home Equity Line of Credit (HELOC) is backed by the equity you have in your house. Instead of borrowing and receiving a lump sum paid back over the life of the loan, a line of credit provides a revolving credit amount based on the value of your home minus your outstanding mortgage balance.
West-Aircomm’s interest rates for (HELOC) varies with the prime interest rate, with no points added and a minimum rate of 3.99 APR%. With a 10-year draw period, you can borrow again and again, up to your approved amount, to pay for the projects you plan.
Benefits of a Home Equity Line of Credit
- Variable interest rate with no points
- No closing costs ($250 document fee)
- Borrow as needed
- Receive funds faster
- No prepayment penalties
- Approval in less than a week
Home Equity Loan vs. Home Equity Line of Credit
Feature | Home Equity Loan | Home Equity Line Of Credit (HELOC) |
---|---|---|
Interest rate | Fixed | Variable, no points Minimum rate of 3.99% |
Borrowing limits | Up to 90% of the appraised value | Up to 90% of the appraised value |
Closing Costs / Fees | Low closing costs for loans less than $75,000 No closing costs for loans greater than $75,000 |
$250 document fee Appraisal fee may apply |
Distribution | Lump sum | Revolving credit to borrow as needed |
Prepayment Penalties | None | None |
Best for | One-time borrowing of a fixed amount for refinancing, purchasing a vacation home, remodeling or other big-ticket items | Incremental borrowing over an extended period of time for construction costs over time, financing college by semester, or an emergency safety net |
West-Aircomm home equity financing is a great way to borrow funds for expenses and projects. We can help you find the product that best suits your needs and give you a great rate. You can contact our loan department at 724-775-9630 or by emailing homeloan@westaircomm.com.
*Consult your tax advisor for interest deductibility. Annual percentage rate (APR) is accurate as of 10/26/2022 and could change without notice. Property insurance required. Title insurance and appraisal may be required. Up to 90% LTV. Other rates and terms available. Subject to WAC’s underwriting standards. No closing costs on loans over $75,000. Discounted closing costs on loans less than $75,000.