Use the equity in your home.
Do almost anything with Interra's Home Equity Line of Credit.
What is the difference between a home equity loan and a home equity line of credit?
A Home Equity Line of Credit is a loan that operates very similar to a revolving credit card where the balance is available for use during a set length of time and can be used anytime and the member pays interest only on the portion used at any time. The Home Equity Lines are variable rate and normally billed at interest-only payments.
How do you qualify for a home equity line of credit?
Qualification for a Home Equity Line of Credit is determined by the difference between the home’s value and current mortgage indebtedness (equity), the member’s capacity for the payment planned (debt ratio), and their current credit history. The combination of these factors determine the final loan features available.
Are there closing costs on a home equity line of credit?
There are closing costs associated with a home equity loan, but the standard closing costs are not collected at the closing. These fees become due and payable only if the loan/line is closed within 24 months of origination.
