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Home Equity Loans

Home Equity Loans are most often used to remodel your home, consolidate debt and pay for college tuition. You decide how this loan will work for your needs, lifestyle and budget. Whatever the reason, by using the equity in your home, you may qualify for a sizeable amount at a low interest rate. Depending on your situation, the interest paid on this loan may be tax deductible. You will want to consult with your tax advisor.

Home Equity Fixed Rate Loan

Community State Bank offers a home equity loan for a term of seven, ten or twelve years. With this loan you borrow a fixed amount of money that is repayable over a fixed period of time. Payments are set in equal amounts to satisfy the loan by the end of the term.

  • Fixed monthly payment
  • Competitive fixed interest rate
  • Possible tax deduction

Home Equity Line of Credit

A Home Equity Line of Credit acts like a personal line of credit. It allows you to borrow up to a certain amount, but you only have to draw the amount of money you need at a given time.

  • Open line of credit – you decide how much to withdraw
  • Competitive variable interest rate – based on Wall Street Prime, plus percentage points based on credit history and amount borrowed
  • Possible tax deduction – consult your tax advisor for possible tax savings