Another low cost way of using the equity in your home is to get a closed-end home equity loan. It is similar to a vehicle loan, but is secured by the equity in your home, making the interest paid on this potentially tax-deductible. You get all of the proceeds at the loan's outset, then pay it back in monthly installments until the loan is completely paid back. The interest rate and monthly payment amount will be fixed for the term of the loan, helping to make budgeting easier. You can use the money for home improvements, a vacation, a new vehicle, and for many other purposes.

To contact a Consumer Loan Officer, click here.