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.
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