Using your home’s equity to your advantage.
With a Home Equity Loan or Home Equity Line of Credit (also known as a HELOC), you can take care of that home improvement project you’ve always wanted to tackle, whether it’s the addition of a new porch or pool, or a renovation to a bathroom, or your kitchen. But really, you can use equity for pretty much anything—a once-in-a-lifetime vacation, a dream wedding, a college education, or bill consolidation.
So which home equity product is right for you?
A Home Equity Loan provides you with a lump sum at a fixed interest rate for a fixed term. This is your best option if you know exactly how much a project is going to cost and you pay all at once.
A Home Equity Line of Credit gives you an established line you can draw from, and you’ll pay a variable rate on only the amount you actually use. This is a better option if you have a project that will be done in phases and may require payments along the way.
Either way, you’ll be able to access up to 90% of your home’s (primary residence) appraised value (minus your first mortgage balance), and you’ll get competitive, low rates, low closing costs, and zero pre-payment penalties.