Home Equity: Loans vs. Lines of Credit

Make Your Home Work for You

The equity in your home isn't a simple figure on a spreadsheet—it can be a powerful financial tool. Whether you want to make a significant purchase or cover unexpected expenses, tapping into your home's equity could be the key.

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What is a Home Equity Loan?

A Home Equity Loan is a loan borrowed against the equity you've established in your home, unlocking the available equity for specific borrowing needs. Here's what you need to know:

• Fixed Rates: You will have a fixed monthly principal and interest payment. Your credit score and equity in your home influence your fixed interest rate.
• Upfront Cash: You receive all the funds in one lump sum. Each month, you'll make repayments.

Our Home Equity Loans Feature:

• Fixed monthly payment of principal and interest based on term and the amount borrowed
• No pre-payment penalties
• Fixed interest rates up to 10 years

Ready to tap into your home's potential?

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What is a Home Equity Line of Credit (HELOC)?

A HELOC provides a line of credit based on the equity in your home. It's a revolving fund (similar to a credit card) —borrow, repay, and borrow again. Here's what you need to know:

• Flexible rate options: HELOCs can have a fixed rate for a set period or a variable interest rate.
• Revolving credit: Borrow from your HELOC, pay it back, and borrow again. Each month, you'll repay a portion of the principal and interest. Each year, you will pay an annual fee.
• Flexibility: Unlike a loan, a HELOC lets you borrow what you need when you need it.

Our HELOCs Feature:

• No pre-payment penalties
• Fixed or variable interest rate options
• Interest is paid only on the amount borrowed

Ready to tap into your home's potential?

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Which Option is Best for You?