Tennessee Home Equity comes in two distinct varieties! You can choose a revolving home equity line-of-credit (HELOC) or a fixed term second mortgage secured by the equity in your home.
The interest rate on a HELOC can be as low as the Prime Rate, and once established, you can borrow from your equity line anytime, for any purpose. It can be set up for 10-15 years and up to 90% of the appraised value (based on the applicant’s credit), minus the balance of the first mortgage. The rate on a HELOC is variable and is subject to change quarterly. A HELOC offers the possibility for tax deductibility of the finance charges paid for the use of the funds, but contact your tax consultant for more details about the types of purchases that qualify.
Our second mortgage program charges a low, fixed rate of interest so you know up front exactly how much you will pay back. Also, once your second mortgage is closed, you can rest assured that your low interest rate is locked in for the duration of the loan!
See our current Loan Rates!
|
