Personal Banking · Loans ·
Home Equity Line of Credit and Home Equity Loan
With a Home Equity Line of Credit and Home Equity Loan, you have access to your loan at any time, advancing what you need when you need it. Interest is paid only on the portion used. Home Equity Lines of Credit usually have lower rates with higher credit limits. Repayment schedules are also flexible.
What is a Home Equity Loan?
Home Equity Loans are given in a lump sum and are fixed-rate loans secured by the homeowner’s primary residence.
What is a Home Equity Line of Credit (HELOC)?
Home Equity Lines of Credit (HELOC) are revolving lines of credit secured by the homeowner’s primary residence. With this variable-rate option, you can draw money as you need it and pay only on the money you draw.
Both HELOCs and loans can be set up now to provide for future needs, including:
- Home improvements
- Finishing a basement
- Buying a car
- Medical bills
- Financing the purchase of a second home
- Consolidating high-interest debts