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As a homeowner, you’ve built equity in your home over the years. If you’ve paid down principal on your mortgage each month and seen steady or rising house prices in your area, you should owe less on your mortgage than the current market value of your home. With a Home Equity Loan, you can cash out the equity in your home to pay for unexpected bills, a dream vacation, new car, or anything else you might need. Financial relief is closer than you think. Use the equity in your home as collateral for a lump sum loan or a convenient line of credit. Either way, the interest you pay may be tax deductible.*

How Does a Home Equity Loan work?

If you owe $100,000 on your home mortgage and the current market value of your home is $175,000, you have $75,000 in home equity. Home Equity Loans and Home Equity Lines of Credit (HELOC) allow you to access part of your equity without selling your home. A Home Equity Loan is a lump sum loan while a HELOC is like having a credit card to withdrawal your loan in varying amounts as you need it. However you decide to access your home equity, Town and Country Bank and Peoples Prosperity Bank are proud to be your second mortgage lenders.

Benefits of a Home Equity Loan

  • Access your home equity in a lump sum
  • Use the funds as you see fit - college tuition, dream vacation, renovations, and more
  • Possibly take advantage of low interest rates
  • Consolidate your debt
  • Accommodating repayment terms that work uniquely for you
  • The interest paid might be tax deductible*

Benefits of a HELOC

  • Competitive rates for several ongoing or seasonal needs - education expenses, major home improvements, emergency reserve, and much more
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit – as principal is repaid, more becomes available for use
  • Funds easily available via in-person, by phone, by check, and online banking transfers
  • The interest paid might be tax deductible*
  • Set up automatic payments to be deducted from your account monthly

Why Choose Us?

The Town and Country Bank mortgage division is consistently the top housing lender in our market. That makes us the best bank for home equity loans. Locally owned and operated, we treat our clients like family.

Let Us Serve You

Town and Country Bank and Peoples Prosperity Bank serve and empower local communities in Central Illinois and Metro East, one person at a time. Apply online today or visit a local office. Our friendly and attentive staff welcomes you to any of our branch  locations in Springfield, Buffalo, Jacksonville, Lincoln, Decatur, Mt. Zion, Edwardsville, Fairview Heights, and Quincy, and our loan production office in Bloomington.

  • Competitive rates for several short-term or one-time needs:
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • The interest paid might be tax deductible*
  • Local Central Illinois decision-making and processing
  • Helpful, customized service throughout the entire process
  • Competitive rates for several ongoing or seasonal needs:
    • Education expenses
    • Major home improvements
    • Emergency reserve
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit – as principal is repaid, more becomes available for use
  • Funds easily available via in-person, by phone, by check, and online banking transfers
  • The interest paid might be tax deductible*
  • Set up automatic payments to be deducted from your account monthly
  • Local Central Illinois decision-making and processing
  • Helpful, customized service throughout the entire process

*Consult a tax advisor.