Loans

Home Equity Accounts

Home Equity Accounts from The Bank of Kentucky offer a smart way to take advantage of your largest asset. By borrowing against the equity in your home, you can pay for on-going expenses such as home improvement or education, or one-time expenses such as purchasing a new car. The interest on a home equity account may also be tax-deductible.

There are two types of Home Equity Accounts:

Consider these differences:


Home Equity Line of Credit Home Equity Loan
Summary: A Home Equity Line of Credit is an on-going source of funds available for any type of purchase. Repaid portions of the line become available for future purchases. A Home Equity Loan is a one-time loan provided in a single disbursement.
Common Uses:
  • Home improvement
  • Educational expense
  • Wedding expenses
  • Managing cash flow
  • Auto financing
  • Debt Consolidation
  • Other one-time expenses
Monthly payment: Based on the outstanding balance, either 1% of balance or interest-only Fixed monthly payment

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Rates: Variable interest rate tied to Prime Fixed interest rate
Access to Funds: Checks or Banking center withdrawal Dispersed in one-payment at loan closing

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View today's Rates


For more information, call or visit any of our conveniently located banking centers or click here to have a bank representative contact you.


Home Equity Loans and Lines of Credit rates vary by loan amount, term, and availability. APR and loan terms are subject to change. Rates and APRs vary depending on property type, loan amount, loan-to-value (LTV), the property's appraised value, property location, personal credit score, owner occupying the property and payment of customary fees at closing. Rates are tied to Prime and are subject to change during loan term and may vary. "Prime" means the "Bank Prime Loan" rate published by the Wall Street Journal. Use of the word "Prime" does not mean the rate is the best or lowest rate offered by any lender. Other terms and conditions may apply. The Bank of Kentucky is an equal housing lender, member FDIC.