|
With gas prices and even trips to the grocery store squeezing your monthly budget, it might make sense to consolidate your debt with a Columbia home equity loan or line of credit (HELOC). Your home equity is a great asset to help you take control of your monthly credit card, medical or student loan debt and pay it down once and for all.
Lower monthly payments and interest rate
Give your budget some relief. You could lower your monthly payments with today's low HELOC interest rates. Or get intense about your goal with a short-term fixed loan.
For example, say Joe Member has $20,000 of credit card debt that he wants to pay off in 60 months. By consolidating to a home equity line of credit he could save $7,502, including tax deductions. And his monthly payments would shrink from about $500 to about $375.
This calculation assumes $20,000 in credit card debt at 17.50% APR, a 25% tax bracket, and a HELOC rate of 5.00% APR that remained constant for the duration of the loan. Your individual situation, rates, and deductibility status may vary, but think of the possibilities ... In fact, do more than ponder, use our debt consolidation calculator to analyze your personal cash savings.
Save on taxes
In most instances, homeowners can deduct interest charges on up to $100,000 of a home equity loan or line of credit. In the above example, Joe Member saved $661 in taxes by prudently moving his credit card debt to a home equity line. Use our online calculator to see your approximate tax savings (click "view report" for these details), but do consult with your tax advisor for your individual deductibility status.
Terms to fit your needs
Borrow just the right amount you need to cover your current debt. Consider a fixed home equity loan if you want to avoid the temptation to take on more debt, or give yourself some flexibility for future expenses with a home equity line.
Save time
Reduce your stress and make life a little easier. Instead of watching the mail for several monthly bills, you’ll have only one to pay after consolidating.
Apply today!
Drop by any branch or call us at 360.891.4000 to learn whether a HELOC makes sense for you. You can even apply from the comfort of your home using our easy, online loan application.
|
