With Spring just around the corner are you thinking of those much needed home improvement projects you'd like to tackle?
If you have equity in your home, a Home Equity Loan or Home Equity Line of Credit from 1st Source can help you pay for your projects and more.
With a Home Equity Loan
you can take out a loan using the equity in your house as collateral. You'll have a set payment amount and a payoff amount. It's a simple way to benefit from the equity you've built in your house.
A Home Equity Line of Credit
is another great financing option. With a Home Equity Line of Credit you can borrow against your home's current market value. Take the current market value, multiply it by 80% and subtract your current mortgage balance to see how much you can borrow.
You can also select the repayment plan that best fits your budget. Pay off your balance each month or just make the interest payments. There are no fixed monthly payments, as with a loan. Plus, it's easy to transfer money from your Home Equity Line of Credit into your 1st Source checking account.