A home equity loan provides you with a lump sum cash amount. You repay it as you would any other installment loan in fixed monthly payments, with a term ranging from five to 15 years. This loan is ideal for debt consolidation, large expenditures or home repair, or for those who prefer the budgeting ease of fixed payments. You can apply by phone, at any Fleet branch or apply right here online . In the application, you will be asked to provide details about your property as well as your personal finances.
Lenders have the responsibility to foreclose for nonpayment.
As with any form of credit, it is important to determine your ability to repay the amount you borrow before you commit. Consult your tax advisor concerning tax deductibility. Hazard insurance is required and flood insurance is required where necessary. For higher loan to value ratios and for smaller lines or lines secured by condos or second homes, higher rates and creditworthiness criteria apply. Please call us for information about rates.