Western Security Bank offers lending programs to purchase or refinance a new or used vehicle including cars, trucks, pickups, sport utility vehicles, recreational vehicles, and more.
When you need extra cash for whatever reason, we can set up a personal loan for you. Collateral for these types of loans can be Western Security Bank certificates of deposit, real estate, and other personal property. (Or may be done unsecured - OAC - ).
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Home Equity Lines of Credit
Here are the advantages of a Home Equity Line of Credit:
- A revolving line of credit is approved for a maximum amount and can be used and repaid repeatedly — Funds are available whenever you need them without going through the loan approval process over and over.
- Funds are accessed by check. — Easy access to cash when needed. You don't need to contact the bank each time you want to make a draw against the loan. Use Online Banking to deposit funds into your checking or savings account and make loan payments.
- You can also opt to link your credit line to your checking account — Serves as overdraft protection affording peace of mind at times when it may be needed.
- Interest assessed on the outstanding balance — Interest is charged only on the actual amount advanced. You save money on this account compared to a conventional loan.
- Lower rate than most other consumer loans, so you save money. Variable rates as well as fixed rates for various time periods are available. Balloon payment will often result. Offer of credit is subject to credit approval.
- Interest paid may be tax deductible (check with your tax advisor)
- Once established, your home equity line of credit is there when you need it to use over and over again — You can improve your home, consolidate personal obligations and make major purchases like a new car, pay tuition or fund important investments.
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Home Equity Line of Credit Information
|For Home Improvements|
|Why Home Equity Lines of Credit?|
|Application & Approval Process|
A Western Security Bank Home Equity Line of Credit allows those qualified to borrow against the equity in your home, you create a line of credit that you control. For example: If you establish a $15,000 home equity line of credit, you access these funds by simply writing a check. If you write checks for $2,500, you only pay interest on that amount. You still have $12,500 available to use. Pay down your line and use these funds over and over again. It's that simple...like approving your own loan whenever you want.
Apply for a Home Equity Line of Credit and make your home improvements.
You can borrow the equity in your home with this affordable fixed-rate second mortgage designed for home improvements. Use it to finish the basement, add a garage, install new windows or carpet or replace the roof - virtually anything that will add value to your home.
Start by contacting a licensed contractor for a written estimate and then apply at any Western Security Bank office.
A Western Security Bank Home Equity Line of Credit is an agreement where the borrower(s) uses the equity in their home as collateral for the line. Home Equity lines are the most popular methods for consumers to finance home improvements, invest in more property, manage their personal cashflow, purchase vehicles or consolidate debt, and usually at a lower interest rate. A Home Equity Line of Credit is a revolving line of credit accessed by Online Banking or through checks. You can make major purchases, pay off debt or use for any other purpose to manage your personal cashflow. Generally these loans and lines are the second mortgage on your residence, but can be a first mortgage, or possibly a mortgage on a second home or investment property.
Home Equity Lines of Credit are also available with a fixed rate or a variable interest rate. Pricing for these lines varies by customer depending on the credit quality, the term of the line, and the line amount compared to the value of the home. We suggest the payments be automatically deducted from a Western Security Bank checking or savings account each month.
Application and Approval Process:
Please complete an application for the line of credit and drop it off, or mail it to, any Western Security Bank location. Your application will be expedited if you include a copy of your homeowner's insurance policy and a verification of income/earnings. We can usually "conditionally approve" a home equity loan or line within a day of receiving a complete application and other supporting documents. We may require an appraisal in certain situations.
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