Using Home Equity Loans & Lines of Credit During Times of Economic Turmoil
Rising Up: A Stable Lender During a Finance Crisis
The US is currently experiencing what some experts call the worst economic conditions since the Great Depression. You might be inclined to ask, 'how could this happen?' There are certainly many factors contributing to the recent economic catastrophe, and the mortgage crisis plaguing the nation is right at the center of it all. Find out below how you can take proactive measures to buy, refinance or tap into the equity of your own home, and make it through this gloomy situation on top.
With unemployment at an all time high, many Americans are hard pressed for solutions on how to pay for medical expenses, educational financing, credit card bills, and everyday expenses. Did you know that you can use a home equity loan for all these expenses? With a home equity loan, your home acts as your collateral for the loan. So, for major expenses such as home renovations, financing a college education, or paying for an unexpected medical emergency, this type of loan may be the answer for you.
With a little bit of research and decent credit score, you can secure a fixed rate, low interest home equity loan with flexible terms to fit your needs. As a bonus, our home equity loans have no costs or fees for you. Even if things for your family are fine right now, prepare yourself by talking to your home loan lender to see if this makes sense for your situation.
If a low rate loan with flexible repayment terms and tax-deductible interest rates is what you are looking for, then you might want to consider a home equity line of credit. This type of funding differs from a home equity loan in that it is not one lump sum, but rather a line of credit that can be drawn from up to the maximum limit. You can use this credit to add an addition to your home or make other improvements, like energy efficient windows that will eventually save you on heating and cooling bills. Home equity lines of credit are very useful for many purposes - an option that most people aren't aware of. A quick conversation with your lender is a great way to see if you're ready for this step.
While the rest of the banking industry might be experiencing backlash from offering subprime loans, interest rates are at an all time low as an incentive for consumers to spend again, making it a great time to be buying a home. Potential buyers can find low interest rates, making financing and affording your home within your budget.
One bank that is recognized for not participating in aggressive subprime lending practices, which contributed to the mortgage crisis, is Citizens Bank. Citizens Bank was determined to remain a bulwark in the finance industry, and a trusted lender for Americans. For this reason, Citizens Bank is still able to offer home mortgage loans that are safe, easy to apply for and receive, and feature low interest rates. The bank wants to see individuals like you succeed in owning the home that you have worked so hard for, and will help you achieve your goals every step of the way.
Find home equity and mortgage information online or visit a branch and talk with a bank representative to find out all of the options available to you. Whether you would like information on an adjustable rate mortgage, a fixed rate mortgage, a home equity loan or line of credit, begin your application process with Citizens Bank today, and rest assured that you're banking with a lender you can trust.