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Archive for March, 2014

Top Uses for Home Equity Loans

Wednesday, March 19th, 2014


While a home equity loan or line of credit can be used for just about anything, the top uses in our area are primarily:

  • Debt Consolidation
  • Home Improvement
  • College Costs
  • Investment Properties

The reason that this type of loan is so appealing is that you may be eligible for a tax deduction (consult your tax advisor) by using your home as collateral, and the rates are generally lower than other loan types or credit cards. Home equities also offer the option of getting a loan or taking out a line of credit to best fit your needs. Bring your bills and come see us. We’ll be happy to see if a home equity option can save you money. Click the set up an appointment button below to get started.

Home Equity Loan vs Line of Credit

Thursday, March 13th, 2014

Once you’ve owned a house for a few years and built some equity up, you can borrow against it. This type of loan is called a home equity loan or you can take out a home equity line of credit. While often this type of loan is used for major home improvements and renovations, you can actually use it for anything: college expenses, traveling, paying down debt, etc.

Since you’re borrowing against the value of your home, it’s considered a secure loan. Your home is the collateral. Both options are essentially a second mortgage. So what’s the difference?

A Home Equity Loan offers you a lump sum of money up front. You then pay this off over a predetermined period of time as a fixed monthly payment. This option is good for a one-time immediate need, such as building a new deck. The interest rate is almost always lower than a credit card and the interest you pay on a home equity loan is often tax deductible (consult a tax advisor first).

A Home Equity Line of Credit (HELOC) is a revolving line of credit up to a certain amount that you can draw on up to a certain number of years. As you need money over a longer period of time you can pull as you need it. Generally there is a minimum payment due each month, but you can usually pay off as much as you like. Just like the Loan, the interest rate is almost always lower than a credit card and the interest you pay on a HELOC is often tax deductible (consult a tax advisor first). This option is good for ongoing cash needs like college expenses, or many different ongoing renovation projects.

No matter your needs, there is often a home equity option we can help you with.

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Imagine More

Tuesday, March 4th, 2014


We want to help you make changes for the better in your life—changes you’ve only imagined, but thought you didn’t have the funds to complete. It’s OK—let your imagination go. We’re here to support you with a home equity loan or line of credit, no matter what your dream.

First Source Federal Credit Union Supports Dreamers Everywhere

Saturday, March 1st, 2014

Do you have a dream you haven’t shared yet, or wonder if it’s out of reach? First Source believes that if you have a dream, you deserve a chance to make it come true. First Source supports you, no matter what your dream is. So keep imagining a better life. Go ahead and dream big, and share yours with First Source to get started on making it real. Just ask.








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