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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-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: 

  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.