A home equity loan is ideal if you want a lump sum of cash for a one-time expense, such as a specific home improvement project or debt consolidation. With a home equity loan, funds are received in a lump sum and paid back over a set period of time at a fixed interest rate.
A home equity line of credit (HELOC) is ideal for staggered expenses and can be useful for unexpected costs like home repairs or medical bills. It allows you to borrow as needed up to a set limit with a variable interest rate tied to the Wall Street Journal Prime Rate. Interest is charged only on the amounts you withdraw, and as you repay the balance, you can continue borrowing up to your credit limit during the draw period.
Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.
Terms and conditions do apply. For additional information contact one of our Mortgage Bankers.