Home Equity Line of Credit vs. Home Equity Loans
A home is…a gathering place for family and friends…a place in the world to call your own…. And an investment that creates value—equity—that allows such borrowing options as
- Home equity loans
- Home equity lines of credit
Home Equity Loan
Need a one-time-only sum of money? Consider applying for a home equity loan. Also called a second mortgage, home equity loans are similar to many first mortgages.* Here's why:
- The entire amount of the loan is paid to you all at once.
- Since the interest rate is fixed, your monthly payments won't change.
You could also choose Pay Right Rewards†—our rate reduction program—and lower your monthly mortgage payments over time.
Home Equity Line of Credit (HELOC)
Want to borrow different amounts at different times—and be able to write checks? A home equity line of credit could be the answer. Upon approval, you could borrow what you need right away. Later, if you need more, you could write additional checks and borrow up to your available credit line…as you continue to make the required loan payments. Typically, the minimum monthly payment is the interest charge on the loan.
We offer a HELOC with a fixed interest rate. That means that your interest rate won't change when market interest rates fluctuate. When you write additional checks, you continue to borrow at the interest rate fixed when you secured the line of credit.
Request a Loan
An experienced account executive ready to discuss home equity loan options will contact you within two business days.
