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.
Anabela Vargas, VP/Senior Loan Officer
NMLS #582849 – Falo Português
Canton Co-operative Bank NMLS #721437
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