Overview
Use the equity in your home for renovations, education or other major expenses.
Highlights
- Flexible home equity lines of credit.
- Fixed-rate home equity loans.
- Competitive terms and local support.
- Options for phased projects and one-time needs.
HELOC vs fixed-rate
A home equity line gives flexible access during a draw period. A fixed-rate home equity loan provides a lump sum with predictable repayment.
- A HELOC is useful for phased projects and variable needs.
- A fixed-rate loan is easier to budget for a one-time expense.
- Both use the home as collateral.
- Closing costs and lender requirements vary.
Good to know
A home equity conversation starts with your goals, your equity and your comfort with repayment.
- Lenders evaluate equity, credit and income.
- A draw period is typically followed by repayment.
- Variable rates can change the monthly cost.
- Ask about fees before choosing a structure.