subject: PA Home Equity Loan Info & Facts [print this page] PA Home Equity Loan Info & Facts PA Home Equity Loan Info & Facts
In the current struggling economy there are numerous reasons one many be in the necessity of some extra money. From money to pay of credit card debt or student loans, to putting an addition on your home or redesigning your kitchen, the reasons tend to be endless. But the question becomes, exactly what is the best way to acquire the money that you need without high interest rates that will leave you in debt for years to come?
If you own a home, the best route to take when in need of extra finances may be a PA home equity loan. A PA home equity loan is a loan granted through a bank using the equity in your home as collateral. These loans often have the best interest rates and will offer you a choice of different lengths of time in which to pay off the financial debt with low monthly payments.
There's two types of PA home equity loans. The first is an amortizing home equity loan which allows you to borrow one lump sum payment of money all at once. The terms of amortizing financial loans may vary anywhere from two to fifteen years depending on your loan contract. Monthly payments for these loans consist of both a principal amount and interest. In many cases, the interest paid on these loans is tax deductible, making them one of the top loan options.
The second type of PA home equity loan is called a home equity line of credit. These loans are perfect if you know you will be in need of additional funds, but are not exactly sure of just how much. With a home equity line of credit the lending bank provides you with a checkbook for the loan account. You can then decide how much, or exactly how little, you need within a specified amount of time (normally five years). In that five year span, your only payment is the interest calculated from the money you withdrew in prior several weeks. When the term of the line of credit has ended, you then are required to repay the amount that was actually withdrawn through the account within ten years. The interest rates on home equity lines of credit do vary, and can change monthly depending on the current going rate.
The type of home equity loan you choose ought to be based on what works best for you. If you know exactly how much you need, for instance, if you're looking to pay off a student loan that holds a high interest rate, the amortizing PA home equity loan may be the best because you can be lent exactly what you need and receive a lower rate. If you are doing work on your home and are unsure just how much you might need, the line of credit may be the option for you. It will allow you to take out just what you need.
But of course, the question still remains: where's the best place to go to find a PA home equity loan? If you're looking for the best options along with the most respectful and understanding customer service, you should take your questions to William Penn Bank. Since 1870, William Penn Bank has been a highly rated neighborhood bank in Pa. Their staff is not only friendly, but values the Pa community in a way not one other large national bank can. You're certain to be treated as a neighbor each and every time you go, no matter what your needs are.
The associates at William Penn Bank are happy to assist you along with any questions or concerns you might have when it comes to your PA home equity loan. Their experience in banking, from checking accounts to mortgages to financial loans, can't be beat. And with branches in Levittown, Morrisville, and Richboro, you won't have far to travel for the excellent service you would like. Besides, who better to understand you than a member and branch of your own community? Visit William Penn Bank and allow them to show you all they have to offer. They may be found online at www.willpenn.com or give them a call at (215) 396-8585 with any and all your PA home equity loan questions. Their waiting to help you in any way they can. Don't miss out on being a part of their community.
