Home equity products can be used for many purposes, including home improvements, college tuition and car purchases. They also can be low-cost loans because the interest rate is usually lower than credit cards, and the interest paid is often tax deductible (check with your tax advisor).
The equity refers to the difference between what is owed by the mortgage lender and the current market value of the property. If you owe $100,000 on your mortgage but your home is worth $250,000, your equity is $150,000.
Gateway State Bank will develop a personalized financial plan to assist you in meeting your financial needs.
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