Dollar Bank offers Home Equity Loans and Home Equity Lines of Credit that allow you to borrow against the value of your home.

 

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Watch the short video below to learn the difference between a Home Equity Line of Credit (HELOC) and a Home Equity Term Loan.

 

When debating on whether a Home Equity Line of Credit or Home Equity Loan is the right loan for you, consider why you're borrowing.

For instance, if you need to make quarterly school payments or you have home improvements that may take several months and payments to complete, a Home Equity Line of Credit is a good option.  It's an open-ended loan that gives you flexibility to borrow again and again without having to reapply.  Plus, you only make payments on the amount you use from the line of credit.  It's also a good option if you want to have funds available in case of emergencies, such as needing to repair your roof, replace a water heater or pay other unexpected bills.  

If you have a one-time borrowing need such as home improvements that require a substantial lump sum payment  up front or for debt consolidation, a Home Equity Loan is the way to go.  You'll have a fixed rate and payment for the term of your loan giving you protection from rate fluctuations.  

What is home equity?

Home equity is the difference between the current market value of your home and the amount you still owe on any mortgage or loan that are secured by your home. The borrowing amount is determined by calculating the value of your house and subtracting the mortgage amount and any other outstanding loans that are secured by your home.  A Home Equity Loan is secured and may be tax deductible.*

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