A Home Equity Line of Credit is a flexible and dependable financial tool that lets you borrow against your home equity when you need to and in any amount you want, large or small (up to the limit of your Line.)
Home Equity Line rates are also very competitive, and much lower than sky-high credit card interest charges. So a Home Equity Line is also one of the most reasonably-priced ways to get access to money for home repairs and home improvements.
This past winter was tough. Many homes in Canton, Sharon, Stoughton and Milton had obvious damage. Others had damage that only became apparent after the snows finally melted. Insurance companies had thousands of claims to consider, and some people had to wait for an insurance settlement to get the money to make needed repairs. It was a mess.
At Canton Co-operative Bank, we talked to homeowners who already had Home Equity Lines in place, and they were glad to be able to use their Lines to have repairs made on the best schedule for them.
We also spoke to homeowners who realized their home was probably going to need repairs beyond what insurance would cover. Or making needed repairs made them realize this would be a good time to do other work too. Borrowing against their home equity turned out to be the best way for pay for it all.
Home Equity Lines are popular but for some homeowners, a fixed-rate Home Equity Loan can be the better way to go. Occasionally when we run the numbers, it turns out that a mortgage refinance is actually best for a particular homeowner’s situation.
Right now, the weather is very pleasant but who knows what next winter will bring. If you’d like to consider making convenient access to your home equity part of your winter preparedness plan, come see us.
We’ll talk about how much you need, what you’re doing and figure out what will work best for you.
Borrowers tell us all the time that – at Canton Co-operative Bank – we “treat people well” and “make everything easy.” If that sounds good to you, let’s talk!
(P.S. Need money for 2015 storm damage repairs or any other reason? It’s not too late to do it now! Definitely – let’s talk!)
Or come in!
Canton Co-operative Bank is located in downtown Canton at 671 Washington Street, Canton, MA 02021. The main phone number is 781-828-8811.