Home Equity Loans & Lines of Credit

A home equity loan typically serves a long-term need and is a single advance with a sum of money all at once. The loan is repaid over a fixed term, at a fixed interest rate, with equal monthly payments (principal & interest). Home equity loans are designed for homeowners making a large, one-time purchase, undertaking a home improvement, consolidating debt, or buying a car or some other asset.

A home equity line of credit (HELOC) is similar to a credit card. You have a certain amount of money to borrow and pay back, but you can take what you need as you need it. The line allows you the flexibility to borrow funds when you need them up to a set limit, then repay and reuse the line at any time.

Features:

• Easy, convenient process 
• No prepayment penalties 
• Loan amounts based on your home’s value and equity 
• Full amount of the loan deposited into your account or by check 
• Low fixed rates and predictable monthly payments

Features:

• Know funds are there should you need them 
• Withdraw funds whenever you want 
• Low adjustable interest rate options 
• No prepayment penalties 
• Pay interest only on what you withdraw 
• No annual fee