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| Closed End (Fixed) Home Equity Loans |
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A closed end home equity loan is a great way to put the equity in your most
valuable asset, your home, to work for you. At Eaton Federal, we have
structured our Fixed Equity Loan program with the customer in mind. Use it
for any purpose you choose like making home improvements, purchasing a car
or tractor, funding a college education or replacing higher rate debts. Our Fixed Equity Loans feature low up front costs, a fixed interest rate and payment and rates that are typically below other types of consumer loans. In addition, the interest is often tax deductible making these loans even more attractive. So if you are considering a consumer loan for any purpose, choose a Fixed Equity Loan from Eaton Federal and make your home work for you.
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Features and Benefits of Fixed Equity Loans
- Secured by a mortgage on a principal residence, vacation or investment home.
- Use the proceeds for any purpose.
- Borrow a specific amount and pay it back in equal monthly payments.
- Provides the peace of mind of a fixed rate and payment throughout the life of the loan.
- Available in up to a 15 year term.
- Competitive rates that are typically below other types of consumer loans.
- You can borrow up to 80% of the home's value.
- There is a nominal $100 processing fee, plus we
cover the cost of credit reports, title insurance and recording fees. For many borrowers there
is minimal out of pocket cost.
- For most borrowers, interest is tax deductible. To determine if interest is deductible for you, consult a tax professional.
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Rate subject to credit approval and a higher rate may be charged based on
the applicant(s) credit scores.
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