Home Equity Lines of Credit
Make It Happen With a Home Equity Line of Credit
Whether you're planning to make home improvements in the near future; considering refinancing or consolidating existing higher interest, non-tax-deductible debt;1 need a down payment for a second home; or are finally taking action toward one of your dreams, you may want to consider a home equity line of credit that can provide easy, instant access to the funds you need to make it happen.In addition to the potential tax benefits offered by home equity lines of credit, you'll have the funds you need2 to cover both planned and unplanned expenses, such as:
- Debt consolidation1 -- pay off any higher interest rate cards or loans
- Home remodeling/renovations
- College tuition and expenses
- Any additional taxes you may owe
- Down payment on a second home or investment property
Benefits of Home Equity Lines of Credit
With one of the home equity lines of credit available through Wachovia Bank, you can:
- Access the money you need through convenient access checks or a Visa® Platinum access card3
- Reduce monthly payments by consolidating more expensive debt1
- Take advantage of an interest-only payment option4
- Increase cash flow flexibility in meeting current and future credit needs
- Potentially deduct the interest from your tax bill5
Contact a Wachovia Securities Financial Advisor to learn more about home equity lines of credit.
1While consolidation may decrease your overall monthly payment obligations, refinancing pre-existing debt with a home equity line of credit will require you to give Wachovia a security interest in your home and may increase the total number of monthly debt payments, as well as the aggregate amount paid by a borrower over the term of the home equity line. In Texas, debt consolidation restrictions may apply.
2There are costs of setting up a home equity line of credit that may include some or all of the following: home appraisal application fees and closing costs. Failure to repay the amounts you've borrowed, plus interest could lead to the loss of your home. Prime equity lines of credit and home equity loans are not available in HI.
3In Texas, in accordance with state law, any single debit or advance must be at least $4,000. Visa access card available where allowed by applicable state law. Visa Platinum card is a registered service mark of Visa International, Inc.
4During the draw period, the minimum monthly payment will be calculated using one of the following options: a) Interest only or $50.00, whichever is greater, or b) 1.5% of the outstanding balance or $50.00, whichever is greater. After the draw period, the interest rate will convert to a fixed rate and the monthly payment will be fixed at an amount that amortizes the remaining balance over 180 months. For properties located in Texas, after the draw period, the minimum monthly payment will be equal to 1/180 of the outstanding balance plus accrued finance charges or $50, whichever is greater.
5Interest on home equity loans and lines of credit is not always tax-deductible. Please consult your tax advisor or CPA for more information.
Wachovia does not provide legal or tax advice. Be sure to consult with your own tax and/or legal advisor before taking any action that would have tax consequences.
There are costs of setting up a home equity line of credit that may include some or all of the following: home appraisal application fees and closing costs. Failure to repay the amounts you've borrowed, plus interest could lead to the loss of your home. Prime equity lines of credit and home equity loans are not available in HI.
Lending and other banking services available through the Banking Services Group of Wachovia Securities are offered by banking and non-banking affiliates of Wachovia Corporation, including, but not limited to Wachovia Mortgage, FSB, Wachovia Bank, National Association; Wachovia Bank of Delaware, National Association; or Wachovia Financial Services, Inc. All loans and lines of credit are subject to credit approval, verification and collateral evaluation. Initial decision is subject to your meeting specific underwriting requirements, and final approval will be based upon your satisfying those requirements. Products are not available in all areas and are subject to change without notice. Certain restrictions apply.
