HOME EQUITY
A home equity loan allows you to use the equity in your home as collateral. Equity is the difference between what is owed on your mortgage loan and your home’s current market value. A home owner is able to borrow a percentage of that difference. First National Bank of Tennessee offers competitive interest rates and low closing costs for home equity loans, as well as, prompt approval and processing by your local banker.
Home Equity Installment Loan
A home equity installment loan allows homeowners to borrow a fixed amount of money, receiving the entire loan amount upfront. This loan has a fixed interest rate and monthly repayment schedule for the life of the loan, allowing for predictability and stability for your loan repayment.
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit allowing homeowners to draw as much or as little as they need up to their approved credit line. This loan has flexible repayment terms requiring a homeowner to only pay interest on the amount borrowed during the draw period.