So, what exactly is "equity"?
Equity is the difference between the appraised value of your home and what you owe on your mortgage. Equity is the part of your home's value that belongs to you, not your lender. You can borrow against this equity in your home and use the money for whatever purpose you choose - improve your home, buy a new car, pay for college tuition, consolidate other loans, or send yourself on a well-earned vacation!
Why not a personal loan, instead?
Our home equity is a loan in which your home serves as the collateral. With a home equity, you may be able to deduct the interest you pay from your taxable income. Remember to consult with your tax advisor concerning the deductibility of interest. These are perks you would not get with an ordinary personal loan.
How much can I borrow?
At HV, you can establish a Line of Credit for as little as $5,000. Please
contact us for the maximum amount of equity from which you can borrow against.
How is the rate determined?