Principal Bank Announces the Winner of its $50,000 Home Makeover Sweepstakes
August 25, 2005 (Des Moines, Iowa) — Principal Bank, member of the Principal Financial Group®, is pleased to announce the winner of its $50,000 Home Makeover Sweepstakes, which ran from March 28 to June 30, 2005. With 319,331 total entries, the winning entry belonged to Cheryl Kleman of Ft. Jennings, Ohio.
Principal Bank sponsored the Home Makeover Sweepstakes to raise awareness about how home equity financing can be used as a smart money management tool. David Merlo, chief marketing officer, of Principal Bank, pointed out, "While there can only be one winner of the overall sweepstakes, everyone can win by tapping the equity asset in their own home to help pay off bills and consolidate their debts using a low-interest home equity loan with low fees from Principal Bank."
Using the equity in your home to obtain a loan or line of credit is a resource that can be used at any time, for any kind of expense. Home improvements, consolidating debt and making large purchases are the most popular uses of home equity financing. Home equity financing can also be used to establish a line of credit or to pay unexpected expenses.
Kleman knows first-hand how helpful home equity financing can be. Kleman has two daughters in college and is planning on using a portion of her winnings to help pay their college tuition, another common use for home equity funds. "I want to help my kids out, so they can lessen their student loan debt," Kleman said.
Home equity financing uses the equity in your home as collateral for a loan or a line of credit. Home equity financing typically has a lower interest rate than most other types of credit and the interest is usually tax deductible, making it a smart financial move.
A Home Equity Loan offers a fixed interest rate with scheduled payments over a specific period of time. This type of loan is a good choice for those who need to borrow a specific amount of money and do not expect to need additional funds in the future. A Home Equity Line of Credit is a flexible line of credit with a variable interest rate that allows the borrowers to write themselves a loan when needed. Interest is paid only on the amount of money borrowed.
For help determining whether a Home Equity Loan or Home Equity Loan of Credit is the best choice for you, contact Principal Bank at 1-800-672-3343 or visit them online at www.principal.com/bank.
About The Principal Financial Group
The Principal Financial Group®
(The Principal® )1
is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $187.8 billion in assets under management2 and serves some 15.2 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2) As of June 30, 2005.
