FAIRFIELD, N.J. -- In the aftermath of the 2008 financial crisis, many homeowners saw the value of their real estate decline. However, the good news is that, as with stock market losses of the same period, real estate prices in the metropolitan area have rebounded nicely. Therefore, most homeowners have amassed significant equity in their home, which, according to Fairfield-based Kearny Bank, is a powerful financial tool.
A home is often the largest investment most people make and owners can reap the rewards of that investment while they still own it. To do so, Kearny Bank offers a number of home equity loans with varying rates and terms, designed to fit individual needs.
Property improvements are the most common use for such loans. Adding a room or remodeling a bathroom or kitchen makes a home a nicer place to live and increases its value when an owner decides to sell. However, improvements aren't the only way a home equity loan can be used. Education expenses can be covered with an equity loan, as can the purchase of a new vehicle, family emergencies and unexpected problems.
In addition to lump sum loans, Kearny Bank offers a home equity line of credit that allows borrowers to access funds at any time up to an established lending limit. Many borrowers choose this flexible option as a safety net on their personal finances.
Some home equity loan interests may be deductible on federal income tax, which makes this type of borrowing even more affordable. However, individual circumstances do vary, so it's important to check with a financial advisor prior to signing.
With tax season upon us, now is a great time for homeowners to start enjoying the rewards of their biggest investment. For more information on loans and lines of credit from Kearny Bank, click here.