Home Equity is the difference between what your home is worth and what you owe on your Mortgage. Towpath Credit Union has two great options for those looking to utilize their home equity:
Home Equity Lines of Credit
We offer variable-rate home equity lines of credit with ten year draw periods. This allows you to have access to a revolving line of credit, from which you can borrow as much or as little as you'd like. You can borrow and pay back the funds as many times as you'd like, within the ten year draw period.
Home Equity Loans
We offer fixed-rate home equity loans with various terms. This allows you to borrow a specific sum of money at a fixed interest rate, and pay back the money with equal monthly payments that won't change.
Our current loan rates can be viewed here.