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Home Equity Loans

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-deductibleConsult 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: 

  Home Equity Line of Credit Home Equity Loan
Summary: 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.
Common Uses:
  • Home improvement
  • Wedding expenses
  • Managing cash flow
  • Auto financing
  • Debt Consolidation
  • Other one-time expenses
Monthly payment: Based on the outstanding balance, either 1% of balance or interest-only Fixed monthly payment

Click here to calculate a monthly payment
Rates:

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.

For more information, call or visit any of our conveniently located banking centers or click here to have a bank representative contact you.

 

Attention Bank of Kentucky Customer:

As you know, on June 22, pending regulatory approval, The Bank of Kentucky will become a part of Branch Banking & Trust Company (BB&T). Before you enroll for online banking, please read the following important notice:

If you enroll in Online Banking with The Bank of Kentucky on or after May 14, you will need to re-enroll in Online Banking with BB&T after conversion.

On June 19, your online banking access with The Bank of Kentucky will be changed to a view only mode through July 20. To re-enroll with BB&T on or after June 22, please visit any one of our branch locations or go to www.bbt.com.

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