A first-and-10 down marker provides a football team’s offense a short-term goal on the way to trying to achieve the bigger goal of reaching the end zone. 
 
The financial equivalent of the first-and-10 down marker could be a 10-year home equity loan, commonly referenced as “10 and done.” 
 
A 10-year home equity loan provides a realistic path to fund a major expense or accomplish the ultimate goal of eliminating debt. 
 
UnitedOne Credit Union’s team of Local Home Loan Experts dive into 10-year home equity loans on the 10th episode of their podcast, At Home on the Lakeshore. 
 
 
With their blend of low interest rates and predictable repayment schedules, 10-year home equity loans provide homeowners a strategic tool for funding renovations, major expenses, or consolidating debt. 
 
“The sky really is the limit,” said UnitedOne Mortgage Specialist Julie Peot, NMLS # 441412. “It doesn’t have to be used just for home improvements.” 

Whether it’s a vacation, college costs, a wedding, emergency expenses, or any other big purchases, a 10-year home equity loan can be used as the vehicle to fund it. 
 
A home equity loan can be used as a second mortgage that uses your home as collateral and allows you to borrow from your equity. For example, if your home is valued at $300,000 and you owe $100,000 on your mortgage, you currently have $200,000 of equity to borrow from. 

A home equity loan will often have better interest rates and terms than credit cards or personal loans, making it a great option to get out of debt. 

“We can do calculations and see what is in your best interest,” said UnitedOne Mortgage Specialist Kari Johnsrud, NMLS # 441414. “If you’re going to be staying in your home for a long time, why not use the equity to get a better rate on the things you have to consolidate, things you would be paying for anyway?” 

While it’s possible to use a 10-year home equity loan as your primary mortgage, it’s probably not recommended for most first-time homebuyers since they will likely be limited in their initial down payment. 
 
However, if you’re somebody purchasing a different home later in life, and have collateral built up for a bigger down payment, a 10-year home equity loan could be the perfect option to perhaps pay off your house before retiring. 
 
Of course, you can also use a 10-year home equity loan to fund a big home renovation you’ve been dreaming about. 
 
Regardless of how you plan to use it, the best part about obtaining a 10-year home equity loan from UnitedOne Credit Union is the comfort of knowing it’s being serviced locally. 

“It stays here at the credit union.” Peot said. “It stays local. You’re making your payments here. If you want to apply extra to principal, you can do that. You can walk in our branch, you can go online through the app. It’s here. That loan does not get sold off to anybody else. It’s with us.” 

Whether you’re looking to buy your first home or tap into the equity of your current house, UnitedOne’s team of Local Home Loan Experts are your trusted team in Manitowoc and Sheboygan for all your home loan needs.

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