Home equity loans offer borrowers (who own a home) a type of credit where the home that they own is used as collateral against the credit itself. Also known as “second mortgages”, home equity loans are generally paid over an extended time period via a fixed monthly payment at a fixed rate of interest.
Chase Home Equity Loans offer potential borrowers these possibilities along with several others.
Benefits of Home Equity Loans
Home Equity Loans can give borrowers significant advantages:
- Lower interest rates
- Possible tax savings
In general, home equity loans offer far better interest rates than unsecured loans and credit cards: as Chase Equity Loans are secured against your home the debt is considered as less risky and therefore can be offered at a lower cost to borrowers.
Home equity loan borrowers are often able to deduct the interest paid against the loan from tax payments (state laws can vary), whereas the interest paid on credit cards and various other types of personal loan is not tax deductable.
The Main Features of Chase Home Equity Loans
Chase Equity Loans offer a multitude of benefits for people looking for this type of credit facility such as:
- Competitive rates - Chase offer competitive rates on equity loans through and types of loan scheme: the Chase No Closing CostSMor the Chase Best RatesSM.
- Chase Best Rate Option - This option gives a low rate as well as a flat fee closing charge of a small %age of the actual home equity loan amount. The closing costs of the loan can be added to your equity loan principal to avoid you having to pay it up front.
- Chase No Closing Cost Option - This option delivers your home equity loan with competitive rates and $0 closing costs.
- Flexible loan payment options - Chase’s Home Equity flexible payment options enable borrowers to select the type of loan most suitable to them. Some borrowers elect to make interest only repayments, others prefer fixed-rate type payments. The ability to manage the home equity loan account on-line, which enables customers to view account details, schedule the equity loan payments, etc. 24 hours a day, 7 days a week, 365 days a year.
- Early payment - Most Chase Equity Loans do provide you with the ability to make additional payments so that you can pay the loan capital early. However, as with other loan plans you may have to pay a fee if you would like to pay the loan in full ahead of schedule.
- Pay balances from other accounts - Chase Home Equity credit plans can be used to repay existing debts or balances from other accounts you may have.
- You can apply for a Chase Home Equity Loan for many purposes: car purchase, home improvements, vacations or debt consolidation. If you have an existing home equity loan, you can refinance it with Chase to get a fixed monthly rate or a lower rate than your existing loan.
Applying for a Chase Home Equity Loan
Making an application for a Chase Home Equity Loan is a relatively straightforward affair. As with any type of credit arrangement, you will need to provide certain personal information to Chase during the initial application process. Unsurprisingly this will comprise of:
- Personal information such as your name, address and contact number.
- All applicants must supply a valid Social Security Number.
- Proof of income.
- The details of your current mortgage provider and any other loans or debts you currently have.
- The details of the property you wish to use to secure against the equity loan.
Why Choose Chase?
Chase is an established provider of consumer loans and lines of credit. Choosing a loan from Chase’s Home Equity stable can provide you with competitive interest rates, inbuilt flexibility and a reliable and trustworthy service.