From Anabela Vargas/Vice-President/Senior Loan Officer A few weeks ago, a woman who had recently been laid off was interviewed in the paper. She had plenty of home equity and expected to get a new job fairly quickly. Her plan had been to borrow against her home equity to “tide her over” for a few months. Then she discovered that a borrower needs both equity and a reliable source of income to qualify for a home equity line.
Sometimes retirees ask if they can qualify for a home equity line if they don’t have W-2 income anymore. The answer is yes, though sometimes there is a little more paperwork.
At Canton Co-operative, we always say that every homeowner should have a home equity line of credit in place. Ours has no annual fees and no non-use fees. There is a one-time appraisal fee but that’s it and then you have options and flexibility when the unexpected (good or not-so-good) happens. It’s also a popular way to pay for planned expenses like a new roof, a car or tuition, to name only three.
Our Home Equity Line also gives you access to the “Carve Out” feature that lets you convert equity line draws to pay back at a fixed rate.
For complete information and current rates, come see us, email me at bela@cantoncoopbank.com or call 781-828-8811 x4. You can also apply online 24/7 on our web site and see more information on our web site.
Anabela Vargas, VP/Senior Loan Officer
NMLS #582849 – Falo Português
Canton Co-operative Bank NMLS #721437