When it Comes to Home Improvement, Sometimes You Don’t Have a Choice
Marilyn Titone Schaefer
/ VP, Communications Director
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There are the home improvements you want to make – think updated kitchen. And there are those you have to make – think new furnace. Either way, an INB home equity loan can allow you to make those improvements.
A Home Equity Line of Credit, also called HELOC, allows you to borrow against the equity you already have in your home – or in other words, re-borrow the principal that you have already paid off on your primary mortgage.
Home equity lines enable you to put your home equity to work to pay for expenses like debt consolidation or make home improvements or repairs. A home equity line of credit differs from a closed-end mortgage loan because the credit line is revolving, like a credit card — meaning that once you pay down your balance, you can borrow it again, up to your available credit limit.
Only for Our Mortgage Customers
At INB, you can apply for a home equity line of credit when you purchase your home or refinance your existing mortgage, or at any point in your home ownership journey.
Your home equity line of credit can be used for anything you want, or simply for peace of mind. Knowing that a home equity line is in place can help assure your money is available if you need it on short notice. So when the unexpected happens – like your furnace dies – you’ll be relieved to be able to quickly replace it, thanks to having a home equity loan already approved and in place.
INB offers flexible terms and competitive interest rates on home equity lines of credit, and the interest may even be tax-deductible, but you’ll need to consult your tax advisor to be sure. Begin the application process for a home equity line of credit now.