When you want to tackle a home improvement project, consolidate debt, fund a college education, or are simply facing unexpected expenses, the equity in your home can work for you. A home equity loan or line of credit can be used for just about anything, and the interest is often tax deductible1.
Home Equity Loan
If you know the total cost of the expense and you have a specific time frame, consider a home equity loan.
- Borrow up to 90% of your home’s value
- Use the funds for just about any purpose
- Available up to a 15 year term
- Fixed interest rate, equal monthly payments
- Low upfront costs2
- Payments and rates typically below other consumer loans3
Home Equity Line of Credit
Do you have a project in mind, but you’re not sure what the costs might be? With a Home Equity Line of Credit (HELOC) from Eaton, you can access the line of credit in a number of ways, whenever you need, at any time during the draw period.
- Borrow up to 90% of your home’s value
- Interest charged only on the outstanding balance
- Competitive variable rate that is tied to the Prime Rate
- Rates typically less than other types of revolving consumer debt such as credit cards2