Home Equity
Your home holds more than just memories, it holds the financial potential to help you achieve your goals. With our Home Equity Loan and HELOC options, you can access that value in the way that best fits your needs.
Unlock the Power of Your Home’s Equity
Choose a Category
Home Equity Loan
HELOc
Differences
When would I use a Home Equity Loan?
A Home Equity Loan is best for one-time, large expenses that require a fixed amount of money. It provides you with a lump sum that you repay with fixed monthly payments.
Common Uses Include:
- Home Improvements: Large renovations or repairs that add value to your home.
- Debt Consolidation: Pay off high-interest debts with a lump sum to simplify payments.
- Major Expenses: Cover big purchases like a wedding, medical bills, or a large family event.
- Education Costs: Use it to pay for tuition or other education-related expenses.
When would I use a HELOC?
A Home Equity Line of Credit (HELOC) offers more flexibility, allowing you to borrow as needed and pay only for what you use. This is ideal for ongoing expenses or projects that require funds over time.
Common Uses Include:
- Home Improvements: Start a renovation and access funds as needed for different phases of the project.
- Emergency Expenses: Quickly cover unexpected costs like medical bills or car repairs.
- Debt Consolidation: Manage multiple debts by using the HELOC to pay off higher-interest loans.
- Living Expenses: Use it for short-term financial needs or to smooth over cash flow gaps.
Home Equity Loan vs. HELOC
Breakdown:
- Home Equity Loan - Borrow a lump sum with fixed terms and interest, ideal for larger, one-time needs.
- HELOC - Access a revolving line of credit with flexible repayment terms, ideal for ongoing or fluctuating expenses.
