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Top Four Reasons to Get a Home Equity Loan

While it’s always important to carefully consider taking on a loan, sometimes a Home Equity Loan is the best way to finance a large purchase or project. This is especially true if the funds are used to add value to your home or achieve your dreams. A Home Equity Loan lets you borrow a lump sum, secured by the equity in your home with a fixed rate APR.



  1. Home Improvements That Make Your Home More Comfortable: A new roof, heat and air conditioning, landscaping, or a kitchen renovation can make you love your home more. Whether you are planning a full home renovation or simply building a shop, a Home Equity Loan can help you finance your projects and add value to your home. Why move? Make your house into the home of your dreams.

  2. Life Events: We have assisted members with adoption expenses, to pay for a child's wedding, and fund a college degree. No matter your reason, your home's equity offers you options. Life is full of events that may require funding. A Home Equity Loan can help with these large, once-in-a-lifetime costs, with a low fixed-rate and affordable monthly payments.

  3. Financial Well-Being: Closing and paying off high rate credit cards and debt consolidation. If you are paying interest on credit cards, chances are those rates are over 20%. You could save thousands of dollars and end credit card stress by consolidating with a lower rate Home Equity Loan. The average annual percentage rate (APR) for credit cards where the user has a balance is 22.63% as of February 2024, according to the most recent numbers from the Federal Reserve. Improve your financial well-being by paying off and closing high rate credit cards.

  4. Health costs: Dental expenses not covered by insurance, outstanding medical bills, etc.

No one plans for a root canal or heart surgery. When large medical bills arrive unexpectedly an option to consider is a Home Equity Loan. Rates are much lower than CARE CREDIT accounts offered by the doctors office billing.


Home Equity Loan Example Payments, Rates, Terms

Rates quoted as of 7-10-2024 and are subject to change at any time. Call 501-375-5321 for today's rates.

Loan Amount

Rate (APR)*

Loan Term (Years)

Payment Estimate

$10,000

7.24%

4

$241.00

$30,000

7.64%

5

$604.00

$40,000

7.74%

6

$697.00

$50,000

7.74%

7

$774.00

$70,000

7.94%

10

$848.00

$90,000

8.24%

15

$873.00

For your personalized payment and terms quote, please contact us at Loans@Telcoe.com or call 501-375-5321.




 

*APR=Annual Percentage Rate.  Actual APR based upon many factors evaluated at the time of application, which may include, among other factors, borrower’s credit history, loan terms, and any applicable administrative/processing fees.  All loans are subject to credit review and approval.

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