Home Equity Options

Home Equity Loan

A Home Equity Loan is similar to your mortgage in that it is based on the value of your home. It is ideal if you have a large, one-time expense, or if you want to consolidate debt and focus on paying it off. This loan product is a great way to plan for your goals because you know exactly how much you need.

Benefits:

• Borrow a specific, one-time dollar amount against the available equity in your home
• Make predictable, fixed-rate monthly payments
• Choose a loan term that works for you

Home Equity Line of Credit

A home equity line of credit (HELOC) lets you borrow funds when you need them, up to your available credit line. With this revolving line of credit, you can borrow, repay, and borrow again. Much like a credit card, the credit amount becomes available again as the outstanding balance is repaid. This can be useful if you’re planning a major project with multiple expenses or if you want ongoing access to funds for emergencies. HELOCs feature flexible repayment options.

Benefits:

• Variable Rate
• Flexible Terms