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FIXED RATE HOME EQUITY LOANS
Franklin Bank offers fixed rate home equity loans with terms up to 30 years. Borrow up to 80% of the appraised value of your home and use the money for any purpose. Home equity loans also referred to as second mortgages provide an easy way to access the equity in your home without going through the cost of refinancing your mortgage. There are no fees except the cost to record the mortgage document. The rate is the same for primary and secondary homes and only 1% higher for investment properties. The interest paid on your home equity loan may be tax deductible - please consult your tax advisor. Franklin Bank also offers an interest rate discount if your payment is automatically deducted from a Franklin checking account.
HOME EQUITY LINE OF CREDIT
If you are looking for the flexibility of a home equity loan tied to a line of credit, Franklin has the loan for you. Borrow up to 80% of the appraised value of home and write a check when you need the money. You will only be charged interest on the money you borrow with affordable monthly payments based on a 15 year repayment schedule. As you repay the loan the money becomes available again. The interest rate is the prime rate as published in the Wall Street Journal adjusted monthly. You will receive a monthly billing statement for the minimum payment but pay any additional amount you like. The line of credit is available on primary or secondary homes.
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