Home Equity Loan
What is a Home Equity Loan? A home equity loan uses the equity in your home as collateral. With this type of loan, you will receive the money you are borrowing all at once and repay it over a set amount of time, at a fixed interest rate. There are no draws available with this loan type. The funds can then be used for home renovations, college tuition, debt consolidation, or however else you see fit!
A home equity loan will provide you with consistent payments that won’t increase for the lifetime of your loan, and the interest may be tax deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed.
- Competitive Fixed Rates
- No Application fee, annual fee, or closing costs*
- Up to 80% Loan to Value
- Minimum Loan Amount is $10,000
- 10 and 15 Year terms offered
- All loans are subject to credit approval.
*The Closing Costs (fees) are waived if the line is maintained for three years. If not maintained for three years, the closing costs (fees) are subject to repayment. Fees can range from $320.00 to $5,690.00. Subject to change without notice.
If you know what you are looking for and are ready to apply, fill out the Home Equity Loan Application and a dedicated Seneca Savings Team Member will follow up with you to complete the process. Questions and wanting direction? Reach out to us today and we’d be honored to build that bridge with you.
