Home equity is created when the value of your home increases and/or when you reduce the amount you owe on your home through loan payments.
A home equity line of credit can be used for anything you want. It can be used to consolidate your debt, for education or medical expenses, home improvements or any big-ticket purchase. The choice is up to you. Lenders may ask you why you want a home equity line of credit.
A home equity line of credit may carry a lower interest rate than a credit card, and it may provide you with more money to do the things you need to do. As a further incentive, the interest paid on some home equity lines of credit can be tax deductible, just like with a first mortgage. Be sure to check with your tax advisor regarding the deductibility of interest.
All Home Equity closings take place at our Branch office locations. During the application process, you are asked at which Liberty Bank Branch you would like to close in. The closing documents will be sent to the Branch location that you chose. A helpful Liberty Bank will guide you through all the closing documents and address any question that you have.