Home Equity Loans & Lines of Credit

Do you know your home can help finance your dreams?

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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.  

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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.

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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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Homeowner Assistance Fund

The Homeowner Assistance Fund (HAF) is a government program available for those who need extra assistance with mortgage payments and other housing-related expenses due to COVID-19. To find help, go to the HAF website and select your state from the map or drop-down list. 

*Consult your tax advisor regarding the deductibility of interest.