Home Equity Loans

Take advantage of the equity you’ve built up in your home.

Use the hard-earned equity you’ve built up in your home. Remodel your home, pay for college, take a vacation, consolidate debt and more. Home equity loans and home equity lines of credit can provide the cash you need to make it all possible. Both loans use the equity in your home - compare the options below to learn which one is the right fit for your needs.

Home Equity Line of Credit

A Home Equity Line of Credit may be the best option if you aren’t sure when or how much money you need. If you do not draw money from your HELOC, you do not have to make any payments. Normal underwriting guidelines apply.

Home Equity Installment Loan

A Home Equity Installment Loan can speed up how quickly you build equity in your home and save you thousands of dollars in interest payments. It is a fixed-term loan with a fixed interest rate. The borrower will receive the lump sum of the amount they are approved for, and then will pay it back with a fixed term and fixed interest rate. Normal underwriting guidelines apply.

  HOME EQUITY LINE OF CREDIT HOME EQUITY INSTALLMENT LOAN
Interest Rate Type Variable—adjusts with Wall Street Journal Prime Rate Fixed for the life of the loan
Best Used For Home repairs and renovations, debt consolidation, tuition, medical bills or an emergency fund Refinancing and replacing your current mortgage to lower your monthly payment or to pay-off your home loan sooner
Accessing the funds Withdraw the funds as needed Full loan amount is drawn at closing
Collateral Uses your home as collateral Uses your home as collateral
Repayment You pay on the balance you owe; monthly payment can fluctuate, triggered each time you draw on the loan Monthly payment stays the same for the life of the loan

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You may also be interested in:

Home Improvement Loan

Home Improvement Loan: Perfect for those small to medium sized projects or needs. Use the funds for any purpose such as unexpected expenses, home improvement, new appliances or finishing your next project1.

Free Checking with eStatement:

A simple and straightforward checking account with no minimum balance and no monthly maintenance fees when enrolled in eStatements.
 

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1Normal underwriting guidelines apply.