Home Equity Loans
Home Equity Loans are granted based on the "equity" a home owner has built into the house they own, i.e. the excess of the market value of the house over the loans already taken.
Home Equity Line of Credit
Advantages:
- You only borrow what you need
- Pay interest only on what you borrow
- Flexible access to funds
- Interest may be tax deductible
Disadvantages:
- Rates can change. The maximum interest rate is normally high.
- Payments can change
- Harder to refinance your first mortgage
Home Equity Fixed Loan
Advantages:
- Fixed payments
- Interest may be tax deductible
Disadvantages:
- Higher interest rates than on 1st mortgages
- Harder to refinance your first mortgage
For more information about Home Equity Loans or Lines of Credit or to apply, please contact your local Fairport Savings Bank Branch or call 585-223-9080.