Home Equity Loans & Lines
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Take advantage of your home's equity, with a tax-smart*, versatile home equity loan! Now's the time to pay for that new vehicle, consolidate your debt, or re-invest it back into your home with those renovations you've always wanted. At Boone Bank & Trust Co. we have two types of Home Equity loans depending on your needs.
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Home Equity Loan
A home equity loan is a loan secured by the equity in a home. Equity is the value left when you subtract the debt on your home from the fair market value of your home. In other words, the price you paid for your home minus the remaining mortgage you have.
With a Boone Bank & Trust Co. Home Equity Loan, you can consolidate debt or pay for major expenses. Home equity loans give you a potential tax advantage.
- Variable-rate or fixed-rate financing - you choose the option that's best for you!
- Borrow up to 90% of the equity in your home (appraisal may be required)
- Deduct interest paid*
- Property insurance is required
*In many cases, interest paid on mortgage loans is tax deductible. Consult your tax advisor regarding tax advantages.
Home Equity Line of Credit
A home equity line of credit from Boone Bank & Trust Co. is a flexible credit line, with the benefit of anytime-spending possibilities. Whether you want to tackle that home improvement project, take a much-needed vacation, pay for your child's braces, or simply consolidate your debt, we can help you find the perfect home equity line to fit your needs.
- Variable-rate financing
- Funds available when you need it
- Repayment based on amount of credit line outstanding
- Up to 90% combined loan-to-value financing available
- Easy access - advance funds from your credit line to your checking account through Touch Tone Teller, Online Banking, or a call to your loan officer
- Also serves as overdraft protection
- Property insurance is required