SPONSORED CONTENT
BUSINESS SPOTLIGHT
How to Get the
Right Type of
Loan for Your
Borrowing
Needs
SPONSORED CONTENT
Emily Kammenzind,
Senior Loan
Representative,
Bill Waugh,
Branch Manager
Your reason for financing is the key to determining what
loan type is best for your needs. For example, if you want
to make home improvements, pay school expenses or
take a vacation, below are the loan types you may want to
consider.
HOME EQUITY LINE OF CREDIT
If you need to make quarterly school payments or you
have home improvements that may take several months
and payments to complete, a home equity line of credit is a
good option. It’s an open-ended loan that gives you the flexibility
to borrow again and again without having to reapply. Also, you
only make payments when you borrow and only on the amount
you use. One thing to know is that line of credit rates are variable
based on the Prime Rate. So the interest you pay could be more
or less from month to month.
Another good reason to have a home equity line of credit is in
case of emergencies. You’ll have the security of knowing you have
the funds available in case you need to repair your roof, replace a
water heater or pay unexpected bills.
HOME EQUITY TERM LOAN
If you have a one-time borrowing need—such as home
improvements—where you’ll need to pay a substantial lump sum
all at one time, a home equity term loan is a good option. It’s also
a great way to consolidate high-interest debt. And, did you know
that you can refinance your mortgage with a home equity term
loan? Because of the shorter terms, you’ll build equity faster and
pay off the loan earlier. You’ll also save a lot of money on reduced
closing costs and may be able to eliminate your existing Private
Mortgage Insurance.
With the term loan, once you receive your check, your
borrowing is done and you’ll simply start making your payments
until the end of your loan term or until the balance is paid off.
You can choose from a variety of loan terms and you’ll have the
security of a fixed rate and payment for the life of your loan.
The interest on a home equity loan may still be deductible if
used for home improvements. Please consult your tax advisor
regarding the deductibility of interest.
UNSECURED PERSONAL TERM LOAN
If you don’t own a home, an unsecured personal term loan
may be your best option to finance a vacation, buy a computer or
make small repairs. You’ll have a fixed rate and monthly payment
for the entire term of the loan.
Would you like to know more about borrowing? Stop by and
meet our new Lending Expert, Emily Kammenzind, Senior Loan
Representative. She would enjoy getting to know you and your
financing needs. Since she is not paid a commission, her focus will
be to provide you with a loan that you can comfortably afford.
Newbury Gateway Shops
160 Millers Run Road, Bridgevill e, PA 15017
Office: 412.257.2780 n Loan Center: 412.257.2697
dollar.bank
SOUTH FAYETTE
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SUMMER 2018
19