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A home equity product from Bank of Oakfield allows you to use some of the equity in your home for things like home improvements, debt consolidation or other major purchases. Home equity loans and home equity lines of credit (also called HELOCís) use the equity you invested into your mortgage as collateral. A HELOC will give you access to the funds in the form of a personal line of credit that can be used as you need it.† A home equity loan gives you the funds in one lump sum.
One great benefit of a home equity line of credit or personal home equity loan is the interest is generally tax deductible. (Of course, youíll want to consult your tax adviser to be certain this benefit is applicable to your individual financial situation.)
Plus, no closing costs!** Act now by talking to a Bank of Oakfield lender about these low promotional rates. Contact us today.
†*Promotional annual percentage rates are a limited time offer for new loans to Bank of Oakfield only. Automatic payment from Bank of Oakfield deposit account required. †50% of the Line of Credit must be advanced at closing. The fixed promotional annual percentage rates listed above will automatically terminate after 270 days. Thereafter, variable APR is adjusted monthly based on Wall Street Journal prime + 0.5% with floor 4.5%. Minimum floor rate†of 4.5% APR and maximum rate of 18% APR. As of 2-24-16 our APR is 4.5%. Property insurance required. Flood insurance may be required. Offer subject to credit and underwriting approval.†
** If loan is closed within 36 months closing costs will be assessed at payoff. Excludes appraisal costs if needed.†