Home Equity Loans
Put the equity in your home to work—or play
Home equity loans are secured against value that you’ve built up in your home: meaning your down payment, what you’ve paid toward principal in your monthly mortgage payments and home appreciation. They typically come with lower interest rates than unsecured loans.
You can use home equity loans for anything you like, from home improvements to travel or education costs. We offer two ways to tap your home equity: a fixed-rate loan for a set amount, and a variable rate line of credit.
•Home Equity Loan
H.E.L.P. Loan (Home Equity Loan Products)
This is our standard fixed-rate loan that’s secured by your home. It’s also known as a second mortgage. You borrow a lump sum all at once, and your monthly payment never changes for the life of the loan.
Home equity loans are great if you know exactly how much cash you need. You can use the loan for anything—but if you use it for home improvement, you can deduct the interest from your income tax (please consult your accountant).
Features:
•Borrow a specific, one-time dollar amount against the available equity in your home.
•Funding a student loan for yourself or your child.
•Paying off or consolidating credit card debt.
•Funding a vacation.
•Paying for weddings or important celebrations.
•Starting a business.
Home Equity Line of Credit
A home equity line of credit (HELOC) is a revolving line of credit, you can borrow, repay, and borrow again. Much like a credit card, the credit amount becomes available again as the outstanding balance is repaid. This can be useful if you planning a major project with multiple expenses, or if you want ongoing access to funds for emergencies, vacations or to consolidate debt. The interest rate varies based on market rates.
Best for:
•Borrow as much or as little as you need, up to your credit limit (minimum $10,000)
•Home Improvement
•Debt Consolidation
•Payoff Student Loans or Credit Cards
•Other Large or Unexpected Purchases for your Home