Home Equity Loans
The equity in your home could be cash in hand for purchasing a new car, tuition bills, debt consolidation, or any other reason you need extra funds. If you want to add a room, build a garage, put on new siding, or do anything to improve your home, a home equity loan can do the job. Rates are reasonable and we can tailor the payments to suit your needs.
This loan lets you use the equity in your home to borrow a fixed dollar amount.
Home Equity Line of Credit
East Wisconsin also offers a home equity line of credit that allows you to "write your own loan" for anything, at any time.
Convenient and Flexible
Access your line of credit at any time; simply use online banking or our mobile app, call the bank-by-phone system, or stop by any of our six convenient locations to transfer funds from your line of credit into any East Wisconin Savings Bank checking account.
- Use your home equity line of credit to pay off other high interest loans or credit cards.
- You decide when and how much to borrow (up to the predetermined maximum amount).
- No need to apply for a new loan each time you need funds - just make a transfer or write a check.
- Minimum advance or transfer is only $200.00
- Loans are secured by the equity in your current residence.
Interest may be tax deductible
Interest paid may be fully tax-deductible on personal income taxes. Consult your tax advisor or the Internal Revenue Service.
Low minimum payments
The minimum payment is 2% of the principal loan account balance or $100 per month, whichever is greater.
No restrictions on use of funds
Use your line of credit for:
- Bill consolidation
- Home repairs
- Holiday bills
- Cars, boats, RVs
- Tax payments
- Monthly credit card bills
For more information about the advantages of a home equity loan or equity line of credit, give one of our Member Services Officers a call.