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Posts Tagged ‘Loans’

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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Financial Service Representative Pete Berowski Shares Free Car Advice

Sunday, September 1st, 2013

Shopping for a new (or used) vehicle can be a complicated process, from figuring out what you can afford to finding the right model, getting financing, and evaluating all the options. Comparing short- and long-term costs can make it downright frustrating. That’s where our lending pros come in. Pete Berowski shares how easy it is to sit down with one of our friendly experts, consider all the trade-offs and options, and get all the free advice you need. We make the whole process easier, and save you money in the long run.

Don’t stress. Call us. From cost analysis to financing your next car, get free car advice from First Source, where we put You First.

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Rest Easy with a Free First Source Financial Checkup

Thursday, August 1st, 2013

Are your finances ready for the coming fall crunch? First Source Operations/Communication & Training Supervisor Sandy Sherman tells you how you can get your finances back on track with free financial services. Start with a call to your local First Source branch, and make an appointment for your Checkup. We’ll help you make a plan, then keep things on track throughout the year. Manage or reduce loan payments, debt and more using any or all of First Source’s services, including Be Credit Smart and Balance Financial Fitness programs. Then relax, since you’ll be ready when fall expenses come calling.

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Need a Home Makeover? Why It’s Smart to Use Home Equity for Home Improvements

Wednesday, May 1st, 2013

Dan Haggerty, First Source Lending Representative, explains what a home equity loan and line of credit are, and why they’re smarter choices than other payment options. You’ll finally get that home makeover you’ve always wanted without draining your savings, so you’ll have that money to spend on your family.

Once you know your home makeover plan, see us. We’ll show you how much you can afford, and the best part: we do the hard work to make applying easy.

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