Home Equity Loan

What is a Home Equity Loan?

Similar to a traditional personal loan, a home equity loan allows you to borrow a specific amount as a one-time cash payout. You then make regular payments over a set period. The advantage is that by using your home as collateral, you’re likely to receive a lower interest rate compared to an unsecured loan, making it a flexible and cost-effective option for managing major expenses or unexpected costs.

An added perk is that the interest you pay may be tax-deductible if the funds are used for qualified purposes, such as home improvements. Be sure to consult with your tax advisor to learn more about potential deductions.

Why a Home Equity Loan from Park Bank?

Our experienced home lenders will simplify the loan process and find a great rate that fits your budget, so you can tackle those home improvement projects or pay off debt with ease.

Do you qualify for a Home Equity Loan?

If you’re a homeowner with equity in your house (meaning the amount you owe on your home is less than the value of your property), you may be eligible for a home equity loan. Typically, you can borrow up to 90% of your home’s value, minus the amount you owe on your mortgage loan.

To determine eligibility, we factor in your:

• Credit Score and History
• Employment Record
• Monthly Income and Debts