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Home Equity Loans
It's time to stop dreaming and start doing.
An affordable home equity loan from Paducah Bank can help you tackle big projects and pursue exciting opportunities.
How does an equity loan work?
You've been thinking about it forever. Now's the time to take action. Put in a patio, expand the family room, design a truly chef-worthy kitchen. Or if your home is perfect the way it is, go a different direction and use home equity funds to take an exciting trip, launch a side business or make a surprise purchase that brings smiles to the people you love most. Paducah Bankers have helped thousands of Kentucky homeowners put their equity to use.
- Get money all at once in a lump sum
- Loan limit depends on your home's equity (Equity is your home's current market value minus any outstanding mortgage balance)
- Competitive interest rates
- Flexible repayment terms
- Low closing costs
- Home equity funds are often used to pay down higher interest debt and credit card balances
- Annual interest charges may be tax-deductible. Consult your financial advisor for more information.
Contact a Paducah Bank lender to get started! You can also visit one of our Paducah or Louisville, Kentucky branches.
Home Equity Loans FAQ's
A home equity loan lets you borrow against the value you have already built in your home. It provides a lump sum of money with a fixed interest rate and predictable monthly payments, making it a practical option for larger expenses or long-term projects.
Home equity is the difference between what your home is worth and what you still owe on your mortgage. When you take out a home equity loan, you use that equity as collateral, often resulting in lower rates than unsecured loans.
Common uses include home improvements, consolidating higher-interest debt, covering education costs, or managing unexpected expenses. Because the rate and payment stay the same over the life of the loan, a home equity loan can offer stability and peace of mind as you plan your finances.
At Paducah Bank, we take the time to understand your goals and help you determine whether a home equity loan is the right fit for your situation.
To qualify for a home equity loan, lenders look at a few key factors to be sure the loan fits your financial situation and protects your long-term goals.
Typical requirements include:
- Sufficient home equity
- Credit history
- Stable income and employment
- Debt-to-income ratio
- Property requirements
Home equity loans and HELOCs both allow you to borrow against your home's equity but function differently. A home equity loan provides a lump sum with a fixed interest rate and predictable monthly payments, ideal for specific expenses. In contrast, a HELOC offers a revolving line of credit with variable rates, suitable for ongoing or uncertain expenses.
Time to tap into some equity?
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