Advantages of Home Equity Financing

With a Home Equity Line of Credit or Fixed-Rate Loan, getting the things you want can be easier than you think. Rather than taking advances on your high-interest credit cards, you can borrow against the equity you've built in your home. And, the interest you pay may be tax deductible (consult your tax advisor concerning the deductibility of interest).

Smart ways to spend home equity funds

• Take control of your debt. Tired of paying high-interest monthly payments to credit card companies? Pay off all those debts at once and enjoy one low monthly payment.
  
• Remodel your home. In addition to the obvious short-term benefits, home improvement can be a great investment. Adding a bedroom or updating bathrooms is a great way to increase the value of your home.
  
• Finance an education. A Home Equity Line of Credit may be just the thing for covering tuition bills and other expenses as they come due.
  
• Buy your dream car. If your car is on its last legs or you’re ready for an upgrade, your home’s equity can help put you in a new set of wheels.

Loans vs. Lines
A Home Equity Line of Credit and Fixed-Rate Loan are two smart, affordable ways to finance major expenses.

Learn which makes sense for you:

Home Equity Line of Credit

• Ideal source for funds you can use as needed, for ongoing expenses such as tuition or remodeling costs
  
• With a credit limit based in part on the equity you've built in your home, you can borrow, repay and borrow again
  
• Enjoy lower interest rates than with typical revolving credit lines or credit cards
  
• Accessing your funds is as simple as writing a check

Fixed-Rate Home Equity Loan

• Perfect for specific, large expenses, such as the purchase of a vehicle or for medical expenses
  
• Given in a lump sum with a fixed rate and monthly payments for the life of the loan
  
• Take advantage of a wide range of terms, and the opportunity to borrow up to 90 percent of the equity in your home

Use the Home Equity Financing Calculator to compare Home Equity vs. credit card financing.

To Learn More
Call us toll-free at (888) 880-9704 or contact your local Bank of America Banking Center.

Lender is LaSalle Bank Midwest N.A., an affiliate of Bank of America N.A. LaSalle Bank Midwest N.A. is an Equal Housing Lender.

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