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Home Equity Loans

One of the best financial tools you have at your disposal is the equity in your home. Equity is created when the value of your home exceeds the amount you owe on your home loan. By leveraging that equity you can make major home improvements, consolidate debt, pay education expenses, and do much more.

Avenue Bank offers two types of equity programs: equity lines of credit or equity loans. Both have their distinct advantages, and you can put them to work almost immediately.

 

EQUITY LINE OF CREDIT

An Avenue Bank equity line of credit1 allows you to establish a maximum line of credit amount. Then you have the flexibility to draw what you need as you need it. So you only pay interest on the amount you need.

Home equity lines of credit are usually used to meet short-term needs. Rates typically float based on the prevailing prime rate. You can choose an interest-only repayment option, allowing you to make a minimum payment, or you can choose to pay more than the minimum if you wish, decreasing the principal you owe.

You can write checks just as with a regular checking account, or come into our bank and get cash or cashier’s checks.

Online Banking allows you to transfer available funds from your Line of Credit to a checking account to access via your debit card.

It’s simple and easy.

 

Special features:

● Competitive rates

● No closing costs (for lines less than $250,000)

● Tax-deductible interest*

● Revolving line for current and future needs

 

 

EQUITY LOAN

An Avenue Bank home equity loan is ideal for larger, long-term expenses such as home improvement projects or debt consolidation. In this case, your rate is fixed for the term of the loan and you will know exactly what your monthly payments are.

 

Special features:

● Competitive fixed rates

● Tax-deductible interest*

● Flexible terms

● Low closing costs

 

1 Credit is subject to approval. Normal credit standards apply. Fees may apply.

*Always consult your tax advisor about interest rate deductibility.


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