Home Equity

There’s money in your home...

Your home is one of your largest investments. As it increases in value, your equity grows. Did you know:

  • You can access your equity without selling your home.

  • You can borrow money using your equity as collateral for your loan.

  • Home equity loans usually offer lower rates than personal loans.

  • You can access your equity with a home equity loan or line of credit.

We can help you unlock the equity in your home. Then, use it any way you choose. And, the interest you pay on your loan is tax deductible, in most cases. (Consult your tax advisor for details.)

At ProGrowth Bank, you’ve got options.

We are pleased to offer you two convenient options for accessing your equity:

  • Home Equity Lines of Credit

  • Home Equity Loans

Do you have several uses for your equity and want maximum flexibility? Check out our home equity line of credit. Are you looking for a specific amount of money and a fixed payment? A home equity loan may be best for you. We’ve got the home equity solutions to meet your needs.

How much can I borrow?

The amount you can borrow depends on the equity you have in your home. It’s easy to determine your equity.

Simply follow these four steps, or use our Home Equity Estimation Calculator:

  • What is the value of your home?

  • Multiply amount on Line 1 by 85% (0.85)*

  • Enter your mortgage amount and any other balances owed on your property.

  • Subtract Line 3 from Line 2 for the estimated equity for qualified buyers.
    *Up to 100% for qualified borrowers.

Home Equity Lines of Credit

Maximum flexibility…easy to use.
When you establish a home equity line of credit, you have the freedom to use the money when you need it, in the increments you want, without reapplying for a new loan. Use the money, repay it and use it again!

Here’s how a home equity line of credit works: You have a $25,000 home equity line of credit. Borrow $5,000 to remodel your bathroom. Make payments only on $5,000. Borrow $10,000 to buy a boat. Now make monthly payments on $15,000. Borrow $5,000 to consolidate your credit card debt. Now, you will make monthly payments on $20,000. You still have $5,000 to borrow if you need.

Variable rate or fixed rate options available.

  • Monthly payments of the interest you owe based only on the amount of money you are using.

  • Payments can be automatically deducted from your ProGrowth Bank checking account.

  • These options will not reduce the principal balance you owe, but they make payments more affordable for some people.

  • You can make additional payments to reduce your principal at any time.

Your monthly statement will show your line of credit balance being used and your available balance, as well as your monthly payment. How do you access your home equity line of credit? It’s easy! Simply use the free checks we provide with home equity lines of credit (for qualified borrowers).

Home Equity Loans

A home equity loan offers a fixed rate and a fixed payment for the life of the loan. Use your equity loan for any purpose…buy a car, pay for college, remodel your home.

Save BIG money when you consolidate your debt. Pay off your existing debt with a fixed rate home equity loan and enjoy substantial savings on your monthly payments...enjoy the tax benefits, too!

Managing your equity wisely

Answer these true / false questions to find out if using your home’s equity is right for you.

  • I have built significant equity in my home.

  • I currently manage my use of credit wisely.

  • I am not overburdened with debt.

  • An equity line or loan could help me consolidate my higher interest rate debt.

  • I want to use my equity carefully, since I have worked hard to build it.

  • I itemize my tax deductions each year.

  • I have other assets, in addition to my equity.

If you answered ‘True’ to most of these questions, an equity line or loan may be an excellent option for you. We encourage you to manage your equity wisely and look forward to answering any questions you may have.

Unlock the equity in your home and start making your dreams come true!

  • Buy a car

  • Remodel your home

  • Pay for college expenses

  • Finance your vacation

  • Buy a boat or motorcycle

  • Consolidate your debt

It’s Easy to Apply!

Unlocking your equity should be hassle-free!

Applying for a home equity loan or line of credit is easy at ProGrowth Bank. Stop in at any of our three locations or call us to get the process started over the phone. We’ll gladly discuss your options, current rates, repayment terms and any costs associated with a new equity loan. Together, we’ll find the best home equity solution to meet your needs.

Thank you for choosing ProGrowth Bank!