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WoodTrust.com > Consumer Banking > Home Equity & Consumer Loans > Home Equity Loans
 
Home Equity Loans

Line of Credit
  • Lower interest rate
  • Interest monthly
  • Interest may be tax deductible – consult a tax advisor for details
  • Revolving line for future advances to checking account
Term Loan
  • Lower interest rate than most consumer loans
  • Fixed principal and interest payment for faster payback
  • Interest may be tax deductible – consult a tax advisor for details
This is a simple formula to calculate the lendable equity in a home:

Home Equity Calculation
Value of Home ($150,000) X 85% = $127,500
Balance owed on all mortgages = – $100,000
Home Equity = $27,500

Benefits
  • Debt consolidation
  • Home improvements
  • Vehicle purchase
  • Education Expenses