Home Equity Loans vs. Home Equity Line of Credit

 

The equity in your home can be a powerful tool to help you secure funds for a major purchase, home improvement or unexpected expenses.

Home Equity Loans

With a Home Equity Loan, you'll receive the full amount of your loan at closing and enjoy a fixed monthly payment (principal and interest), a flexible term, and the added benefit of potential tax savings.*

Choose a home equity loan … if your project or purchase has a defined cost and payment deadline.

Our home equity loans feature:

  • Financing up to 90% CLTV** for qualified borrowers
  • No pre-payment penalties
  • Fixed interest rates up to 10 years

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Home Equity Line of Credit

With a Home Equity Line of Credit, you can borrow with the ability to take out just the amount you need, when you need it. Payments are made monthly, and as you pay down your line of credit, the remaining available credit can be used as you need it.

Choose a home equity line of credit … if your project or purchase is ongoing over a period of time and you want the flexibility to draw cash when you need it, pay down the line and have cash available again to use without re-applying for the loan.

Our home equity lines of credit feature:

  • Financing up to 90% CLTV** for qualified borrowers
  • No pre-payment penalties
  • Fixed or variable interest rate options

Get Started Contact Us Rates

Must be 18 or older to apply. All loans subject to credit approval.

* Under certain circumstances, the interest you pay on both types of equity credit may be tax deductible. You should talk to your tax advisor to determine the deductibility of payments and charges. 

** Combined Loan to Value: Total of liens on your property divided by appraised value of your property.

 

Please join us for our Customer Appreciation Picnic on Sunday, August 18th at Veterans Memorial Stadium from Noon - 2:30!

 

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