Home Equity Loans
Home Equity Loans, sometimes referred to as a second mortgage, is a type of loan to use the extra equity you have built up in your real estate to establish a line of credit.
Home Equity loans are often used for:
- Home Improvements
- Home Remodeling
- Debt Consolidation
- Financing a New Car
Home Equity Lines of Credit are set up on a 10 year line that can be drawn up and paid down throughout the term of the loan. The only required payment on the loan is interest billed to you monthly based on the money drawn on the loan. You can pay as much or as little as you want to on the principal to manage your money. The interest paid on the loan may be tax deductible, you will need to consult your tax advisor to make that determination.
To find out whether you’re in a good borrowing position, and the maximum amount you should be able to borrow, take our Systematic Savings Bank One-Minute Home Equity Loan Test. You might also want to order your Credit Report to make sure you’re in good standing. Call us at 417.862.5036 and let Systematic help you with your lending needs.