Central Bank of St. Louis
Depending on your need, we have two options available to you – a Home Equity Line of Credit (HELOC) or a Home Equity Loan. It’s important that you understand how both options work before deciding which is best for you.
A home equity line of credit (HELOC) is an open line, available for you to use at any time, present or future. The many benefits of a HELOC include:
A home equity loan, also known as a closed-end second mortgage, is a solution to get cash for a one-time specific need and specific loan amount, e.g., remodeling your kitchen and paying off the loan in a five-year period. The many benefits of a home equity loan include:
Equal Housing Lender. Member FDIC.
*Consult a tax advisor regarding the deductibility of interest