About News Locations Associates Careers Contact
Account Access  
Business Banking Consumer Banking Trust & Investments Mortgage
Consumer Loans
Consumer Loans
Consumer Loan Application
Home Equity Loans
MasterCard and Visa
Understanding Your FICO Score
WHEDA Major Rehabilitation Loan
Credit Insurance
Student Loans
 
Consumer Banking
Mortgages
Home Equity & Consumer Loans
Consumer Internet Banking
Checking Accounts
Overdraft Services
Points2U
Savings Accounts
Health Savings Accounts
Certficates of Deposit
Private Banking
Verified by Visa
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 80% = $120,000
Balance owed on all mortgages = – $100,000
Home Equity = $20,000

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