Home Equity Loan / Line of Credit

Both are referred to as a second mortgage that lets you turn equity into cash. You can use your Home Equity to remodel your house, consolidate debts, college education or because you just need a vacation. It is the smart, flexible way to get the most out of your home.

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

A home equity loan is a loan based on the equity in your home. It is paid off over a set amount of time, with a fixed interest rate and the same payment each month. Once you get the money, you cannot borrow further from the loan.

A home equity line of credit (HELOC) works like a credit card because it has a revolving balance. You will have more flexibility than a fixed-rate home equity loan. With a HELOC you don't have to go through an application process every time you need a loan, you can withdraw money as you need it. You can borrow as much as you want, as often as you want (up to your credit limit) for 5 years. There's one application and one approval - for a continuous line of credit. As you pay off the principal, you can use the credit again, like a credit card.

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Apply online for a Home Equity Loan or Line of Credit today or contact one of our Loan Officers for more information.