Are you looking for affordable financing for a home improvement project, child’s education, or other large expense? Your home may be one of your most valuable investments—turn to the equity you’ve built when it’s time to finance bigger expenses.
What is a home equity loan?
Home Equity Loans are a type of term loan secured by the equity in your house. You can estimate your equity by subtracting your mortgage balance from your property’s current market value. Because Home Equity Loans use your house as collateral, they offer lower interest rates than unsecured personal loans or credit cards.
What can a home equity loan be used for?
The short answer is just about anything. Common uses of a home equity loan include:
- A home renovation or improvement project
- Home repairs
- College tuition or other educational expenses
- Consolidating higher interest debt
- Starting a business
- …and more!
Apply for a Home Equity Loan from West Shore Bank!
West Shore Bank's mortgage lenders are based in your Northern Michigan and West Michigan communities along the lakeshore. All decision-making and loan processing is done locally. With attentive, friendly service from start to finish, West Shore Bank can help you find the home loan solution that is right for you. Apply for a Home Equity Loan online or visit one of our nine locations in Ludington, Frankfort, Hart, Manistee, Onekama, Scottville, or Traverse City.
1Consult a tax advisor.