Home Equity Accounts from The Bank of Kentucky offer a smart way to take advantage of your largest asset. By borrowing against the equity in your home, you can pay for on-going expenses such as home improvement or education, or one-time expenses such as purchasing a new car. The interest on a home equity account may also be tax-deductible. Consult a tax advisor regarding the deductibility of interest.
There are two types of Home Equity Loans:
- Home Equity Line of Credit
- Home Equity Loan
Consider these differences:
||A Home Equity Line of Credit is an on-going source of funds available for any type of purchase. Repaid portions of the line become available for future purchases.
||A Home Equity Loan is a one-time loan provided in a single disbursement.
- Home improvement
- Wedding expenses
- Managing cash flow
- Auto financing
- Debt Consolidation
- Other one-time expenses
||Based on the outstanding balance, either 1% of balance or interest-only
||Fixed monthly payment
Click here to calculate a monthly payment
Variable interest rate tied to Prime
Five Year fixed rate feature available
|Fixed interest rate
|Access to Funds:
||Checks or Banking center withdrawal
||Dispersed in one-payment at loan closing
Make payments, transfer funds and view account activity anytime with Online Banking
Check out our Home Equity Rates on the Rates page for more information.