HELOC & Home Equity Loans

A Home Equity Loan or Line of Credit (HELOC) with Horizon allows you to benefit from all the blood, sweat, and tears you put into your home. With a loan or line of credit, you can use your equity for long-awaited renovations, consolidate debt, or make a major purchase. 

 

 

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Home Equity Line of Credit

A home equity line of credit (HELOC) can be useful if you’re planning a major project with multiple expenses or if you want ongoing access to funds. HELOCs feature flexible repayment options and the rates are typically lower than credit cards.

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Home Equity Term Loan

A home equity loan is worth considering if you have a large one-time expense, or if you want to consolidate debt and focus on paying it off. It offers fixed rates and a steady repayment schedule for the life of the loan.

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Disclosure

*Introductory APR (Annual Percentage Rate) will be fixed at 6.19% APR for the first 3 months for those lines with up to 89.9% loan to value (LTV). Thereafter, the rate may vary. The rate is based on credit score, LTV and Prime Rate + 0.25%. The Prime Rate equals the highest Wall Street Journal (WSJ) prime rate as published in the WSJ effective the date the 3-month introductory period expires. WSJ prime rate effective 3/23/2023 is 8.00% APR. Example: credit score of 730+ and LTV of 70% or less will have a rate of 8.25% as of date of publication following the introductory period. Maximum rate is 25%. APR will not fall below a floor of 3.25%. Annual fee is $50, waived for first year. Reimbursement fee up to $399 applies if line is closed within the first 36 months. A minimum draw of 25% of approved loan amount is required to be disbursed at time of loan closing. Subject to credit approval. Other terms and conditions may apply and are subject to change without notice. Oer expires May 31st, 2023.

What Can Home Equity Loans Be Used For?

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    Why Choose a Home Equity Fixed-Rate Loan?

    A Home Equity loan gives you easy access to the equity in your home to pay for home improvements, college tuition, and more.  And, rates are typically lower than credit cards or other unsecured loans. Fixed-rate loans make budgeting easy because your monthly payments remain the same over the life of the loan.
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    Today's low home equity rates*

    Home Equity Term Loan rates are typically much better than other high-rate credit cards and are often great options for debt consolidation. 

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    What about Payments?

    With a Home Equity Term Loan, you pay a fixed interest rate. One of the main benefits of a fixed rate is that whether interest rates rise or fall, your monthly payments won't be affected because your rate is fixed for the life of the loan so you will have lower borrowing costs. We do have other options, check out our home equity options – including a line of credit. 

Home Equity Advice

How to Save Money: Home Equity Tax Deductions

person installing new floor

Whether you use a home equity loan to pay your child’s college tuition or a home equity line of credit to continue upgrading your home to the house of your dreams, home equity has many advantages. And one of those benefits comes from tax deductions.

Is Interest on a Home Equity Loan Tax Deductible?

Yes, under the Tax Cuts and Jobs Act of 2017, interest paid on a home equity loan to further improve, upgrade, or add on to the home is tax deductible. However, if the loan pays for personal living expenses such as tuition or credit card payments, the interest paid is not tax deductible. Below, we explore additional home improvement projects that can provide tax deductions.

Home equity lines of credit: In addition to home equity loan interest, home equity lines of credit are also tax deductible. All qualifying expenses are tax deductible whether your home equity covers a loan, line of credit, or second mortgage.

Upgrades for medical purposes: Certain home improvements for medical purposes can be tax deductible, such as widening doorways, adding a ramp to an entryway, and lowering cabinets and counters. These expenses must exceed 7.5% of your adjusted gross income and cannot add any value to the home.

Energy efficiency improvements: The world is becoming greener! Now, you can write off certain energy efficiency investments. This is called the residential energy efficient property credit. If you add solar, geothermal, or other green energy sources to your home, you may qualify for a tax deduction!

You work hard to increase the value of your home. Understanding your deductions on home equity loan interest can be challenging. See your tax advisor for assistance.

Call us today at 888-873-2640 for more information on Home Equity loans.

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