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Your Credit… Do You Understand It?

Each person has a unique situation and rarely does advice pass from one person to another. One must seek out someone who has experience reading and evaluating credit reports. Read Full

Preparing Your Child For A Move

As disruptive as moving can be for parents, moving can be even more traumatic for kids. Often kids are not made part of the decision to move, and depending on their age, may not even understand it. But, if you follow these tips I suggest, you can make it go as smoothly as possible. Read Full

Preparing Your Home For Sale

In the current market, the work you put into preparing your home for sale will be rewarded in the speed in which your home will sell and the sale price. Following are some basic ideas to help you prepare your home for sale.Read Full

Keeping Money In Your Pocket

Focus on Energy works with eligible Wisconsin residents and businesses to install cost effective energy efficiency and renewable energy projects for new and existing buildings.Read Full

Managing Debt: Your Home As An Active Asset

Your home can be a source of ready cash for remodeling or emergency funds. The more equity you have in your home, the more flexibility you have.Read Full

Heating, Ventilation And Air Conditioning (HVAC) Tax Credits in 2009 Stimulus

Specifically for heating and cooling products, the new law makes important changes to existing tax incentives for homeowners who make qualified improvements of higher efficiency HVAC and water heating equipment to their primary residences.Read Full

Financing Institutions

Managing Debt: Your Home As An Active Asset

“Homeowners have a great deal of flexibility when it comes to using the equity in their home when making large purchases, home improvements, or even having money available for an emergency. The more equity they have in their home, the more flexibility they have. There are two primary products that the State Bank of Cross Plains offers our customers. They are a Home Equity Line Of Credit (HELOC) or a Second Mortgage. Both have unique advantages for the consumer depending on their needs.”

Crystal Lautenbach - Assistant Vice President - State Bank of Cross Plains

Home Equity Line Of Credit (HELOC)

The HELOC is very useful in that it can be set up without the customer using the money immediately. Money can be drawn as needed. Draws can be made by using a check from the HELOC account or through eBank! our internet banking product. It is as easy as transferring money from one account to another with the click of a mouse. The best part is that consumers only pay interest on the amount they draw. Homeowners can pay back the full amount whenever it’s most convenient for them.

Key Elements of a HELOC:

Is a revolving account
Interest rates are variable (tied to prime rate)
Interest only payments
Paying back the principal is at the homeowner’s discretion (often in lump sum paybacks)

Second Mortgage
Second mortgages are an excellent tool for consolidating debts, such as credit cards. Debts such as auto loans, contractor loans or any other bills that are subject to higher interest rates can be consolidated at lower interest rates into one payment to help to reduce monthly bills.

The difference between a HELOC and a second mortgage is that a HELOC is a revolving product. The money is made available when needed and has required monthly interest payments based on what is drawn. A second mortgage is paid out in full at the time the loan is taken out and the borrower makes monthly payments on principal and interest.

Key Elements of a SecondMortgage:

Requires payment on structured schedule
Up to a 15 year repayment term
Reassessed after a term of three, four or five years to adjust interest rate— payback window stays the same

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