William Penn Bank
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Home Equity Loans – Amortizing

 

These loans are made with terms from two to twenty years and involve regular monthly principal and interest payments. The loan proceeds are disbursed all at once at the beginning of the loan. The rate is fixed for the life of the loan. They can be used for any purpose of the borrowers choosing. People apply for these loans to get cash to improve or expand their home, to pay for a car, education, vacation, wedding or other significant purchases. Sometimes they are used to repay other loans to consolidate debt or lower the borrowers’ monthly payments or interest rate.

These loans are often appealing because the interest on them can often be tax deductible unlike the interest paid on many other loan types. (We always suggest that borrowers consult a tax advisor regarding the deductibility of the interest.)

Our bank will consider the loan whether the property has no other liens, is subject to liens held by William Penn Bank, or by liens held by other lenders. The maximum loan to value can vary based on the lien status.

Please call 215-396-8585 for more details and for current rates.

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