EFFECTIVE MAY 11, 2018, Federal law requires all financial institutions to obtain, verify and record information that identifies the beneficial owners of all legal entity customers (subject to certain exclusions and exemptions) at the time a new account is opened, or an existing account renews. This incudes Checking Accounts, Savings Accounts, Certificates of Deposits, Safe Deposit Boxes, and Loans.
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What is a home equity loan?
A home equity loan is a loan that uses your home as collateral. Your home equity is a part of your home that you actually own and this is the guarantee for your loan.
Your home equity is calculated by taking the current value of your home and subtracting your mortgage. For example, if your home is worth $150,000 and you have a $100,000 mortgage, you have $50,000 of equity in your home. A home Equity loan allows you to borrow money using your equity of $50,000 as security for the loan.
A home equity loan, often called a second mortgage, reduces your equity or ownership in your home. Since your home guarantees your loan, if you default on the payments, you can lose your home.
What can I use my loan proceeds for?
A home equity loan can be used for anything from paying off high-interest credit card debt, to home improvements to buying a car.
Here are some advantages for staying with your locally owned and operated Bank:
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Dayton Financial Center
Liberty Financial Center
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