Home Equity Products

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With Simplicity's home equity products, you can use the equity you have built up in your home to finance a home improvement project, consolidate debts, send your kids to college, even to buy a car or other major purchases. Our extensive lineup of home equity lines of credit and fixed-rate loans allow you to borrow 80%, 90%, or even 100% of the value of the equity in your home at competitive rates.

Fixed Rate Home Equity Loans

Fixed-rate home equity loans offer the same interest rate and monthly payment throughout the entire life of the loan. Typically, the longer the term of the loan, the lower the monthly payments will be. With a shorter term, you will have higher monthly payments but will realize a savings in the amount of interest paid over the life of the loan.

Fixed-rate home equity loans are recommended for borrowers who:

• Look for predictable payments, because the payment is the same each month over the entire life of the loan.
  
  
• Are willing to pay a higher interest rate in return for protection against the possibility of rising interest rates.
  
  
• Are interested in building equity in their property through monthly principal and interest payments.

Adjustable Home Equity Lines of Credit

Adjustable Lines of Credit, also called HELOCs, provide an interest rate and payment that periodically adjusts based on the current outstanding balance and/or interest rate environment. This allows you to realize the benefits of lower interest rates and payments in a falling interest rate environment. Additionally, interest rates are also tiered so larger balances can benefit from lower interest rates.

Adjustable Lines of Credit are recommended for borrowers who:

• Seek a flexible financial solution that allows them to borrow additional funds for future needs.
  
  
• Seek extra borrowing power, based on interest only payments rather than typical fixed rate principal and interest payments.
  
  
• Want to take advantage of lower monthly payments to save money.
  
  

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