Home Equity Loans and Lines
Using the equity in your home is one of the best ways to finance a major expense, such as home improvements, college tuition, automobile or debt consolidation. Since rates are lower and terms are longer than unsecured financing methods, monthly payments are more affordable. Plus, the interest paid on a home equity is typically tax deductible.*
The main differences between a Home Equity Loan and Home Equity Line of Credit are as follows: Home Equity Lines are open lines of credit, so as you pay down your line, that amount becomes available again whereas the principal paid down on a Home Equity Loan does not become usable again. Home Equity Lines have adjustable rates and variable payments whereas Home Equity Loans have fixed rates and set payments.
Stoneham Savings Bank's offers great rates and terms on Home Equity Loans and Home Equity Lines of Credit. View our current rates. Apply online today!
*Consult a tax advisor for eligibility.