Use the Value of Your Home

Improvements to your home are often an excellent investment. College costs looming? Or maybe you've encountered an emergency that needs cash? A home equity line of credit is a great way to get that cash without refinancing.

If you've owned a home for the past several years, it's likely to have appreciated in value (six percent a year on average; in some areas a lot more). A home equity line of credit allows you to turn that appreciation into cash.

Use it to remodel your home, consolidate high-interest debt, purchase the car, boat or vacation of your dreams, pay for tuition. The appreciation is yours, and so is the cash. Use it to simplify, enhance, or change your life. At Spruce Mortgage we'll help you make the goal a reality.

Types of Home Equity Loans

Line of credit. Use it when you want, for what you want. Credit lines range from $10,000 to $500,000. But you only pay interest on the amount you draw from the pool of available funds.

Second mortgage. Tap into the maximum available credit right up front. Then spread the low payments over many years.

125%LTV. With good credit, you can borrow up to 25 percent above and beyond the purchase price of your home. If it's a new home, that extra will come in handy for landscaping, upgrades and appliances. If it's an existing home, you can add to or upgrade the place just the way you like it.