Home Equity Loan
Home Equity Line of Credit
Home equity is the value of your home minus the balance of any current mortgage on the home. You can use this equity as collateral.
Ohio Valley Bank offers Home Equity Loans and HELOCs (Home Equity Lines of Credit) that allow you to take advantage of the equity in your home for investments or to consolidate debt, remodel your home, or make a major purchase at a low rate. If used for home renovations, check with your tax advisor to see if the interest is deductible.
“Many homeowners have more equity in their homes now because of the big run-up in housing prices in the past two years,"
-Time Magazine in July 2022.
Now is the time to put this equity to work for you.
Every loan officer at Ohio Valley Bank is specially trained to assist you in finding the solution that makes the most sense for your specific financial journey. Call now 800-468-6682.
Loan vs. Line of Credit
A Home Equity Loan is similar to a traditional installment loan. You receive the money in a lump sum at one time and pay it back in set installments.
A Home Equity Line of Credit is similar to a credit card. You have access to a credit limit and can borrow some or all as you need it and make payments monthly that can fluctuate in amount with the balance currently borrowed. A Home Equity Line of Credit typically has a lower rate than a credit card.