Use the equity in your home.
Do almost anything with Interra's Home Equity Line of Credit.
Tap into the equity in your home to remodel a kitchen, consolidate debt, pay for school, finance your new business, or do almost anything with Interra's Home Equity Line of Credit.
It's easy to apply; just click on the button below. For more information, please call Interra or visit any office.
What is the difference between a home equity loan and a home equity line of credit?
Home equity loans are set amount for an intended purpose that amortizing similar to a traditional mortgage or automobile loan. A Home Equity Line of Credit is a loan that operates very similar to a revolving credit card where the balance is available for use during a set length of time and can be used anytime and the member pays interest only on the portion used at any time. Home equity loans are typically a fixed-rate product. The Home Equity Lines can be either fixed or variable rate and normally billed at interest-only payments.
How do you qualify for a home equity line of credit?
Qualification for a Home Equity Line of Credit is determined by the difference between the home’s value and current mortgage indebtedness (equity), the member’s capacity for the payment planned (debt ratio), and their current credit history. The combination of these factors determine the final loan features available.
Are there closing costs on a home equity line of credit?
There are closing costs associated with a home equity loan, but they are not collected at the closing. These fees become due and payable only if the loan/line is closed within 24 months of origination.