Tempo Bank Home Equity and Home Improvement Loan
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If you
already have a Tempo Bank 1st Mortgage and you are planning to buy a new auto, pay for
your children's continuing education, or you want to remodel your home by adding a room
addition, a swimming pool, a patio or aluminum soffit, facia or siding, or what ever your
home improvement plans call for, Tempo Bank has two additional loan products that probably
fit right into your plans.
Home Equity
For small projects there is Tempo' Home Equity Loan. This loan can be
for up to 100% of your home's equity or $18,000 and repaid from one to 10 years. It is the
least expensive and quickest way if you need to borrow money, requiring only credit and
document recording fees and a flood zone certification, if not already obtained as part of
Tempo's 1st Mortgage program. The best news is that all or part of the interest you pay is
usually tax-deductible.* The decision to use the equity in your home is an important one
and is an excellent alternative to high interest charges for credit card debt or consumer
loans.
Home Improvement Lending
For those larger projects, Tempo's Home Improvement Loan might be a
better choice. Based on your plans and contractor estimates, you could receive a loan for
improvements over $18,000 up to and including the value added by the improvements where
the total loan to value ratio is maintained at 80%. Loan repayment terms extend to 15
years. A standard loan application, credit, appraisal and proposed plan review, title
search, document recording fee and a flood zone certification fee, if not already
obtained, are required as part of the approval process. Generally, all of the interest you
pay may be tax-deductible.*
* While interest is usually tax deductible, Tempo Bank strongly
recommends that the borrower seek competent advice form their tax specialist regarding the
deductibility of interest charged in conjunction with the loan products described on this
page.
