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Home Equity Loans

One of the best financial tools you have at your disposal is the equity you already have in your home. By leveraging that equity, you can pay college expenses, consolidate credit card debt, make major home improvements, take a family vacation and do much more.

At Avenue Bank, you can choose from two types of equity programs: equity lines of credit or equity loans. Both have their distinct advantages and you can put them to work almost immediately.

Equity Line of Credit

An Avenue Bank equity line of credit1 allows you to establish a maximum line of credit amount. Then it gives you the flexibility to draw what you need as you need it. So you never borrow more or less than necessary.
Home equity lines of credit are usually used to meet short-term needs. Rates typically float based on the prevailing Prime rate. You can choose an interest-only repayment option, allowing you to make a minimum payment, or you can choose to pay more than the minimum if you wish, decreasing the principal you owe. You can write checks just as with a regular checking account, or come into our bank and get cash or cashier’s checks. It’s simple and easy.

Special features:
• Competitive rates
• Low costs
• Tax-deductible interest*
• Flexible terms

Equity Loan

An Avenue Bank home equity loan lets you choose your monthly payment and term. It’s ideal for major long-term purchases such as a vehicle, home improvement project or debt consolidation. In this case, your rate is fixed for the term of the loan and you will know exactly what your monthly payments are.

Special features:
• Competitive rates
• Low closing costs
• Tax-deductible interest*
• Flexible terms

*Always consult your tax advisor about interest deductibility.

1 Credit is subject to approval. Normal credit standards apply.

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