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Home Equity

Using your home’s equity to your advantage.

With a Home Equity Loan or Home Equity Line of Credit (also known as a HELOC), you can take care of that home improvement project you’ve always wanted to tackle, whether it’s the addition of a new porch or pool, or a renovation to a bathroom, or your kitchen. But really, you can use equity for pretty much anything—a once-in-a-lifetime vacation, a dream wedding, a college education, or bill consolidation.

So which home equity product is right for you?

A Home Equity Loan provides you with a lump sum at a fixed interest rate for a fixed term. This is your best option if you know exactly how much a project is going to cost and you pay all at once.

A Home Equity Line of Credit gives you an established line you can draw from, and you’ll pay a variable rate on only the amount you actually use. This is a better option if you have a project that will be done in phases and may require payments along the way.

Either way, you’ll be able to access up to 90% of your home’s (primary residence) appraised value (minus your first mortgage balance), and you’ll get competitive, low rates, low closing costs, and zero pre-payment penalties.

Which one should you choose?

We’ll be glad to help you decide. Apply online, stop by any Innovations branch, email us or give us a call at 850.249.0386.

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