Looking to borrow money for home improvements or a large purchase?
Homeowners whose homes have gained value may be able to convert that value to cash. This type of loan is called a home equity loan.
It’s a great way to borrow money because loan rates tend to be much lower than they are with other loan types, like credit cards.
There are many advantages to taking out a home equity loan. Some of these include:
- Lower interest rates. As mentioned, home equity loans typically have lower APRs than other loans types
- Higher loan amounts. A home equity loan with Great Western may allow you to borrow up to 90% of your home’s value
- Tax benefits. Payments on a home equity loan may be tax-deductible
Home equity loans are often used for home improvements, but can be used for anything from debt consolidation to medical bills to putting your children through college.
Think you might be interested in a home equity loan? Your next step is to contact a Great Western branch. We will guide you through the loan process step by step, ensuring you’ve selected the right type of loan for your needs, answering any questions you may have or explaining anything that may seem confusing, and staying with you all the way through to your closing.
