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A Home Equity Loan or Home Equity Line of Credit (HELOC) can provide a convenient and flexible way to tap into your home’s value. Draw funds when you need them and only pay for the money you actually use. These products can be used for major expenses or projects, including:
- Home Improvement
- Emergency Fund
- Education Expenses
- Debt Consolidation
HELOC vs. Home Equity Loan
A HELOC lets you borrow from your available credit line as needed and reuse funds as you repay them. A Home Equity Loan provides a one-time lump sum with fixed monthly payments over a set term.
Home Equity Line of Credit (HELOC)
HELOC: Pay principal and interest every month. The principal balance is reduced and you can continue to draw on the available balance as needed.
HELOC Interest Only: Pay only interest every month. The full principal balance is owed when the draw period expires. You can make principal-only payments at any time.
Home Equity Loan
A Home Equity Loan allows you to borrow from your equity, providing a one-time lump sum with fixed monthly payments over a set term. Your home's equity is the difference between your home’s market value and what you still owe on your mortgage. If your home is worth $300K and you owe $200K, your home equity is $100K.
| HELOCs |
| Borrow the amount of money you need, when you need it |
| Use for consolidating debt or for recurring larger costs, like college tuition |
| Excellent source of easily accessible emergency funds with a variable rate |
| $20,000 minimum loan |
| 10 year draw period, 10 years to repay |
| Closing cost credits available |
| No hidden terms or fees |
| Fast pre-qualification decisions, online or over the phone |
| Home Equity Loan |
| Borrow from your equity with this lump-sum loan |
| Ideal for large purchases or home improvement |
| Fixed interest rates and payments that don't change |
| $20,000 minimum loan |
| Up to 15 years to repay |
| Closing cost credits available |
| No hidden terms or fees |
| Fast pre-qualification decisions, online or over the phone |
