Home Equity Loans and Lines of Credit

Your next big purchase could be on the house.

Your house, that is. Equity is the cash value of your home minus what you owe on it. So if you’ve been paying down your mortgage, chances are good that you’ve got some value built up.

Why not use that to your advantage? With a Home Equity Loan or Home Equity Line of Credit from Mills42, you can finance your kid’s education, take care of home improvements you’ve been thinking about, or give your daughter the wedding of her dreams. One of the great joys of homeownership is experiencing that day when your home pays you back for all your hard work.

What’s the difference between a Home Equity Loan and Line? Good question. A Home Equity Loan (also sometimes called a second mortgage) is a lump sum loan with a fixed rate and term of repayment. A Home Equity Line of Credit (also sometimes referred to as a HELOC), works like any other line of credit. You are approved for a certain amount of money that you can draw on over time, as you need it. You then only pay interest on the amount you’ve borrowed.

Which one is right for you? Give us a call or stop by the branch and we’ll show you how it all works. Or, to get started now, applying online. Then let us help you build from here.

Not a member yet? We’ll take care of that for you as you’re opening your account or taking out a loan. If you want to get a jump-start, enroll online or just give us a call at 978.328.5100. We’ll be happy to help you build from here.