MORTGAGE REFI ... HOME EQUITY LINE ... WHICH ONE IS RIGHT FOR YOU?
“ ... I don’t want to refinance my mortgage. I just want a home equity line of credit.”
JULY 2021
A recent Wall Street Journal article talked about how a lot of the large, national banks have stopped offering home equity lines of credit. The big banks blame “the economic uncertainty created by COVID.” They say homeowners don’t want home equity lines anymore – just refinances.
If you can lower your rate and also take some money out, refinancing could certainly be your best bet.
But a refinance is more expensive and more time-consuming than getting a home equity line of credit.
If you already have a super-low rate on your mortgage and you want to borrow against your equity, that’s where a stand-alone home equity line of credit comes in.
We offer stand-alone home equity lines of credit at Canton Co-operative. They’re very popular. They’ve always been very popular. For a lot of good reasons including:
- You get the flexibility of accessing your line whenever you want – borrow what you need when you need it
- It’s there for emergencies or to take advantage of opportunities
- With no annual fees or use fees, it doesn’t cost you anything to have a home equity line in place
If you come in to Canton Co-operative wanting a home equity line of credit but a refinance would be better for you, we’ll tell you.
And if all you want is a simple home equity line, that’s fine too.
Because as an independent mutual – not stock! – bank, here at Canton Co-operative, we can and actually do put customers’ interests first.
Sound good? Come see us or call 781-828-8811 x4.
Canton Co-operative Bank NMLS #721437
BEST TAKE-AWAY FROM THE APRIL 2021 HOMEBUYER INFO SESSION:
It really matters having a trusted local lender, a REALTOR® and a real estate attorney who you can talk to ...
At the April 2021 Canton Co-operative HomeBuyer Info Session, it came up that a home buyer with a solid team behind them has a better experience than someone who’s winging it. Lining up professionals you like and trust – experienced people you can talk to – makes a huge difference.
Ideally, that trusted local lender will work with you if you have specific-to-you concerns. Your local REALTOR® will help you be prepared to get an offer accepted in this red-hot sellers’ market. And a good local real estate attorney will make sure you’re protected up to the closing and after the purchase too. At Canton Co-operative Bank, we've been "that lender" for many local people over many years.
We’d like to be “that lender” for you too. Our next HomeBuyer Info Session is scheduled for Saturday, September 25th. If you’d like to talk before that, come see us or call VP/Senior Loan Officer Anabela Vargas at 781-828-8811 x37.
Canton Co-operative Bank NMLS #721437
Anabela Vargas NMLS #582849 – Falo Português.
Shred Day is coming back!
We don't have the day and time yet. But Shred Day was one of the many popular events that had to be cancelled in 2020 and we're working to bring it back in 2021.
It will be later this fall, probably in October. Same as before - here at the Bank, probably a Saturday morning. Everyone is welcome with up to 2 bags or 2 boxes of papers per person. And Shred Day is free! Watch your email for complete info or call us at 781-828-8811 x5.
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