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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.)