Home Equity Loans
Thinking about remodeling or improving your home? Would consolidating your debt save you money? Taking a vacation or sending a kid to college? You can use a Home Equity Loan or EquityLine for improvements, household debt, investments, a vacation, college expenses, or anything that you might need covered.
What is Home Equity?
Equity is simply the difference between the actual value of the house and how much is owed on it. For instance, if your house is worth $139,000 and you still owe $100,000, you have $39,000 worth of equity on your home.
Emprise Home Equity Loans
You’ve worked hard to build up the equity on your home. At Emprise, you can take advantage of that hard work by drawing a loan on the equity you’ve built up. An Emprise Home Equity Loan can be used for anything you need it for. Use it to increase the value of your home through improvements or remodeling, or pay down household debt. Take a vacation, or send someone to college. It’s your money; how you use it is up to you!
With an Emprise Home Equity Loan, you can borrow against the established equity in your home by making payments over a fixed period of time. The interest you pay on a Home Equity Loan may even be tax deductible!* Property insurance may be required to qualify for a home equity loan.
Emprise EquityLine
The Emprise EquityLine is a revolving line of credit based on the equity in your home, for which your home serves as collateral. Because the home is likely to be a consumer’s largest asset, most homeowners use their credit lines only for major items such as education, home improvements, or medical bills, and not for day-to-day expenses.
When you qualify for an Emprise EquityLine account, you are approved for a specific amount of credit. Your credit limit – the maximum amount of credit you may borrow – is established by taking a percentage of the home’s appraised value (not to exceed 89%) and subtracting the balance owed on the existing mortgage.
For example:
Appraised Value of Home
Loan to Value Percentage
Percentage of Appraised Value
____________________________
Less Balance Owed on Mortgage
Potential Credit
x 89%
=$89,000
________
-$40,000
$49,000
In determining your actual credit limit, Emprise Bank will also consider your ability to repay by looking at your income, debts, and other financial obligations as well as your credit history.
Once you are approved for an Emprise EquityLine account, you will receive checks that allow you to access your available credit whenever you need it. A monthly payment is required on all outstanding balances.
*Consult your tax advisor.
For current rates, please contact our Customer Service Center at 316-383-4301 or 800-201-7118, 9 a.m. - 5 p.m. Monday - Wednesday, 9 a.m. - 6 p.m. Thursday - Friday, or 9 a.m. - noon on Saturday. You can also stop by your local branch.
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