Home Equity Loans

A Home Equity Line of Credit (HELOC)

A Home Equity Line of Credit is like a credit card. You can borrow money up to your credit limit, and you only get charged interest on the portion that you borrow. You can pay down the balance, then reuse the credit. Most have a draw term, usually 5 to 10 years, where you can draw money out, then the loan is paid back over a 10 to 15 year period. You may also elect to refinance the Equity Line and get another 5 to 10 years to use the line of credit.

You choose what you want to do with your home equity line of credit:

• Remodel your home
• Take a vacation
• Consolidate bills
• Buy a car, boat or RV
• Finance tuition or other expense
• Use it as an emergency fund
  

There are many features of HELOC loan programs. Ask your Loan Officer to help you decide which is best for you.

• Great Rates: rates can be below the prime rate on some programs.
• No Loan Fees: No appraisal fee or closing costs.
• Convenient Closings: Some programs allow doc signing in your home.
• Credit lines or maximum loan limits vary with each program.
• Pricing varies with the LTV.
• Accessing the cash in your credit line can be done by writing a check, charging on a credit card or making a withdrawal at a financial center.
• Many of these programs have an early termination fee.
• Some programs may offer a fixed rate loan option feature, where you can lock in a fixed rate on all or a portion of your outstanding balance.
• Pricing is based on your Credit Score. These cutoff limits are fairly strict, so if your score is just below the next higher range, you may want to discuss how to improve your score with your loan officer.

A HELOC is usually 100% tax-deductible*, and a smart way to consolidate debt, pay for home improvements, new automobiles, student loans or even vacations or weddings.

Home Equity Fixed Rate Loan

You may prefer a home equity fixed rate loan compared to a HELOC. Home equity fixed rate loans offer a wide variety of amortization periods (length of time to pay it back), more choices for people with less-than-perfect credit, fixed rates so your rate can never go up and the interest paid may also be tax-deductible*!

* It is recommended that Customers consult their tax advisor. Not all loan fees or interest payments are tax deductible.

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1221 South Creasy Lane, Suite I - Lafayette, IN 47905
Office Phone: (765) 446-2930 Fax: (765) 448-6398 Toll Free Phone: (800) 630-6695

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We are liscensed to originate loans throughout the State of Indiana!

This site includes information on financing homes and properties in Lafayette, West Lafayette, Battle Ground, Buck Creek, Clarks Hill, Dayton, Montmorenci, Romney, Stockwell, Westpoint, Brookston, Monticello, Delphi, Mulberry, Frankfort, Rossville, Lebanon, Crawfordsville, Attica, Williamsport, Fowler, Otterbein, and the surrounding Counties in Indiana.  FREE Home Search service data (The Home Buyers Scouting Report®) is provided by Home Buyers Marketing II, Inc., and also includes real estate property and homes, condos, and town homes for sale in Tippecanoe County and the surrounding Counties, covering real estate, including investment properties for sale.  Represented by Realtors and real estate agents in those regions.  People who are relocating, buying a first home in Lafayette, Indiana, IN, West Lafayette, Indiana, and the surrounding areas, or those who are looking to refinance their current home mortgage loan, will find useful information on rent-to-own homes, home for sale, homes for lease, condominiums, town homes, luxury homes, executive homes, and new developments, to buy or sell, with additional information on schools and regional highlights.  Homebuyers and sellers can find information on properties through The Scouting Report on residential real estate or other properties that include Lafayette Indiana and West Lafayette Indiana.  Tippecanoe Mortgage consists of experienced Mortgage Brokers who have expert knowledge of the properties in these communities.

This website is a resource for home loans, mortgages, home equity loans, refinancing, new construction loans, real estate, investment loans, relocation, rental property, buying property with no money down, financing property with no money down, and less-than-perfect credit.

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