Two Ways to Save
Because you are using your home to secure your home equity loan, the annual percentage rate (APR) is lower than most other forms of borrowing and since the interest paid is tax deductible for most borrowers, your effective interest rate may be better.*
*Based on the amount of equity in your home, loans are
available from $5,000 at an interest rate far less than
other loans or credit cards. Interest incurred on a home equity loan secured by your primary residence is currently deductible for Federal Income Tax purposes provided certain conditions are met. Warren Bank makes no representation that interest on a home equity loan will be deductible in every circumstance. You should consult a tax advisor regarding the tax advantages of your account.
Option 1
Home Equity Line
- a line of credit that keeps on giving
A credit line with the convenience and accessibility of a checking account. You can access your line of credit just by writing a check in amounts as low as $50.00. Home Equity Lines give you the flexibility to adjust your own payments. Each month a statement will be sent to you showing the principal outstanding and the interest due on your account. If you decide to pay more than your required interest payment, your principal balance will decrease.
As your balance decreases, you may either:
- Borrow again as needed, up to your credit limit.
- Keep decreasing your principal, which will lower future monthly interest payments.
Click HERE for current rates
Option 2
Home Equity Loan
- for that one time borrowing need.
A home equity loan is ideal for covering a one time expense like a major home improvement project or debt consolidation. Low rates and fixed terms give you the stability of the same payment amount each month. If you elect automatic payment deduction from your Warren Bank checking or savings account you will receive a 1/4% reduction below our already competitive rates.
Click HERE for current rates
At Warren Bank, we believe in helping you make your dreams come true. Our lending experts will give you the friendly caring service you have come to expect from Warren Bank. You’ll find our rates and terms extremely competitive. We offer a wide variety of loan options to suit your needs.
For Warren Banks quick credit approval, ask one of our personal bankers for an application.
Automatic Payment
By choosing our automatic payment deduction from your Warren Bank account, you will have peace of mind knowing that your loan payment will be made on time. We will also lower your interest rate 1/4% below our already competitive rates.
Loan and Payment Protection
Don’t leave your family a debt that they can’t repay. You can protect yourself and your family from any unforeseen events that could affect your finances. To learn more about loan and payment protection, just contact your bank representative.
Contact Warren Bank at (586) 498-3300 for consumer
loan rates and additional information.
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