A home equity loan may have a variable interest rate or a fixed interest rate. Proceeds can be used for anything you may need assistance with including but not limited to: home remodeling, tuition, and bill consolidation. You may choose a Home Equity fixed rate loan and receive your funds in a lump sum or a Home Equity Line of Credit, a variable interest rate loan that has the flexibility to draw funds on the line of credit upon request.
Home Equity Line of Credit (HELOC)
A revolving line of credit, utilizing the equity in your home, that allows you the flexibility to borrow what you need, repay it and borrow again.
Fixed Rate Home Equity Loan
A fixed rate loan, utilizing the equity in your home, that offers a lump sum payment and fixed monthly payments.