You can use the available equity in your home to help consolidate higher interest debt into one low monthly payment, to make home improvements, to pay for education expenses or for other major expenses.

Which option is best for you, Home Equity Line of Credit (HELOC) or Home Equity Loan?

Home Equity Line of Credit (HELOC)

This is a good choice for those who need ongoing access to funds and may want to repay and re-access the funds as often as needed over a period of years. HELOCs have a draw period, during which the borrower can use the line, and a repayment period during which it must be repaid.

  • Flexibility — After your line of credit is opened, you will have access to funds as you need them up to a pre-determined credit limit

  • Low rates — An adjustable rate loan based on the Prime Rate plus a margin, which is based on borrower qualifications.

  • Easy access — You can access your account anytime via ATM, Online Banking, a Home Equity Line of Credit Card or convenience checks

  • Rate options — You can choose to keep your line open at a variable rate, or lock in a fixed rate for all or a portion of the line during the term of the line

Home Equity Loan

This is a smart choice for someone who wants a one-time payout with predictable fixed payments

  • Low fixed rates — You get a low fixed rate based on program qualifications

  • One-time payout — You’ll get your money up front at closing in one lump sum

  • Stability — Your rate and payment are fixed for the life of your loan

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