Home Equity
Get the Most Out of Your Home
By using your home as collateral, you will enjoy tax-deductible interest* and lower interest rates than most other types of credit.
(*
Consult your tax advisor.)
You can use your home equity for purchases and expenses such as:
- College expenses
- New car
- Vacation
- Emergency needs
- Starting a new business
When you choose a line of credit at Omaha State Bank, you can enjoy no closing costs, no pre-payment penalty, and no annual fees.
Line of Credit
• Access the funds as you need them, and only pay interest on what is used
• Rate varies with the New York Prime rate
• Payment varies with the rates and the amount borrowed
Loan
• The money is advanced to you all at once, with no further advances made on your account
• Rate is fixed
• Payment is predictable each month
Try our equity calculator to see how much you can borrow.
How to calculate available equity
Example:
$150,000 (Tax Assessed Value)*
x 90%
$135,000 (Lending Value)
- $100,000 (Outstanding Mortgage Balance(s))
$35,000 (Amount you can borrow)
*Based upon county valuation of your property.
Use 80% for market or appraised values.