Borrow against the value of your home
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.
What is the difference between a home equity loan and a home equity line of credit?
If you have a one-time borrowing need such as home improvements that require a substantial lump sum payment upfront 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.
Learn more about our Home Equity Term Loans
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 (HELOC) is a good option. It's an open-ended loan that gives you the 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 beneficial 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.
Learn more about our Home Equity Lines of Credit