Unlock The Power of Your Home’s Equity

With a home equity loan, you can borrow a lump sum of money to be paid back monthly over a set time frame, similar to your first mortgage.

These loans are commonly used by people seeking money for a one-time event or prefer interest rate stability.

• Secured by the equity in your home
• The closing costs are usually lower
• The interest rate may be higher, but interest paid is tax deductible
• Does not allow for additional draws
• Payments are principal and interest for a fixed period of time
• Your credit must be in good standing in order to qualify
• An appraisal is required to determine your home’s market value

A home equity line of credit (HELOC) is a form of revolving credit secured by the equity in your home. This is an open-ended loan that can be paid down or charged up for the term of the loan, much like a credit card. Once your loan term is up, you are required to pay off the loan, making monthly payments on the principal and interest.

This type of loan is commonly used by people seeking access to a reserve of cash over a period of time.

• A flexible line of credit with a variable interest rate
• Secured by the equity in your home
• Your lender will approve you for a credit limit – the max amount you may borrow at any one time under the plan
• Draw cash as you need it up to your maximum limit
• An appraisal is required to determine your home’s market value
• Interest rates can fluctuate month to month