Fixed Rate Home Equity Loan from BFG Federal Credit Union Provides Many Benefits
A home equity loan provides many different benefits, and can fit a variety of different needs or circumstances. Itís important to learn more about them, and just why and how theyíre such a great option. To learn why the home equity loan is such a favorable option for borrowers, and what exactly all of these unique advantages really are, continue reading the benefits listed below.
Low, Fixed Rates: Home equity rates are generally quite favorable compared to other types of borrowing or debt which is available to consumers. Homeowners can also lock in a fixed rate for an extended period of time, ensuring they donít see rate hikes down the line or experience unexpected rises in how much they owe with their monthly payments.
Tax Advantages over Credit Cards: Home equity loans actually have tax benefits as well. Homeowners may be able to deduct the interest paid on a home equity loan of up to $100,000 from their taxes. So while the low rates provide upfront savings, the tax benefits then kick in and provide an additional advantage, and even greater savings potential. Check with your tax consultant to determine how much you can save.
Consolidate Higher Rate Debts: With a fixed rate home equity loan, consumers can consolidate high interest debts and experience more breathing room and flexibility immediately. Paying off higher rate credit cards or other outstanding obligations, and putting everything into one easy payment, from one source, is more convenient, and can also save a substantial amount of money both instantly and over the long haul.
Use for Home Improvement, Education & Expenses: A home equity loan can be utilized for many different purposes. Many people only think about them in terms of major home renovations or improvement projects, and thatís certainly a viable option. However, a home equity loan can also be used for education, for major unexpected expenses, and more.
BFG Federal Credit Union has been providing low rates and great options to consumers and homeowners for more than 75 years. †Akron residents and everyone throughout Summit County, Ohio, can take advantage of rates as low as 4.29% on a 10 year, $35,000 home equity loan, with monthly payments as low as $360. This is just one example though, and there are a variety of fixed rate home equity loan rates and options available.
To learn more about the fixed rate home equity loan from BFG, and to find the latest home equity rates, visit BFG Federal Credit Union online at BFGFCU.org.
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- Matt White
- Company Representative
- BFG Federal Credit Union
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