Home Equity Loan

Put your home to work with Community Bank & Trust’s help. Whether you're making home improvements or additions, purchasing a car, a vacation, or financing a college education, the equity in your home is all the collateral you will need for a Home Equity Loan from Community Bank & Trust.

 

Download Application

Please mail completed application to:

Community Bank & Trust
Attn: Consumer Lending
PO Box 1288
Waterloo, IA 50701

 

 

  Home Equity Line of Credit Home Equity Loan
What's the difference between a HELOC and Home Equity Loan?              A home equity revolving option is a flexible line of credit which utilizes the equity in your home. A Home Equity loan is a loan with an equal structure repayment schedule and a fixed maturity date that utilizes the equity in your home.
What are the advantages? With the HELOC, you can borrow money at anytime, anywhere, for any reason, up to your available credit limit. You have equal monthly payments of a pre-determined amount based on your original loan and term.
Is my interest tax deductible? Tax deductibility is subject to IRS regulations. Please consult your tax advisor for more information.

Tax deductibility is subject to IRS regulations. Please consult your tax advisor for more information.

What are the typical uses of each of these loans? Since the HELOC allows you to borrow as your expenses occur, it can be used to finance everything from your child's education and home improvements to a family computer or an exotic vacation. There are no restrictions on what you purchase. The Home Equity Loan is primarily used for purchases requiring one lump sum. Often times it is used for a debt consolidation or large purchases like a boat or a car. Still, there are no restrictions on what you purchase.
If I need more money, do I need to reapply? No.

Since funds are dispersed as a lump sum, you would need to reapply for additional money.

Is there an annual fee associated with this loan? No. No.
Is the rate fixed or variable? The HELOC rate is variable. It is tied to the Prime Rate published in the Wall Street Journal. The Home Equity Loan features a fixed rate.

 

For any questions, please contact our office at 319.291.2000