Home Equity Loans and Lines of Credit

You love your home. So why not let it return the favor?

Innovations can help you put your home to work, so it can fund your biggest dreams. It may be called “home” equity, but that doesn’t mean you’re forced to use it on home improvements. Though it’s perfectly fine with us if you’d like to renovate the kitchen, add a bath, or put in a backyard pool. But really, you can count on equity for pretty much anything—a once-in-a-lifetime vacation, a dream wedding, a college education, bill consolidation—even a pony, if that’s your thing.

So which do you choose—an Innovations Home Equity Loan or an Innovations Home Equity Line of Credit? It’s a tough call, and each certainly has its benefits. Either way, you may be able to access up to 90% of your home’s appraised value (minus your first mortgage balance). Both feature competitive low rates, low closing costs, and zero pre-payment penalties.

But, they do have their differences. A Home Equity Loan is a one-time, fixed-rate loan, while a flexible Home Equity Line of Credit is tied to the Prime Rate. A Home Equity Line of Credit is revolving, so the amount you borrow can fluctuate.

Member NCUA Institution • sparkingchange.com

EQUAL OPPORTUNITY LENDER