Use the power of your home equity to finance your goals
What is the difference Between a HELOC and Home Equity Loan?
There are two options available to access your home’s equity. It’s important that you understand how both options, a Home Equity Line of Credit (HELOC) or a Home Equity Loan work before deciding which option is best for you. Want to get started? Find your local branch and contact a mortgage specialist near you today.
How can you use your home equity?
Equity is an important tool and a great financial benefit of owning a home.
You can use your equity to pay for major home improvements, or help consolidate other debts.
Your equity is more than the value of the interest in your home; it’s your opportunity to afford big purchases and even consolidate debts at a lower interest rate. Your equity could even determine whether you keep your home during financial hardships.
Home Renovation
Improving their property is a common reason why many consumers opt for home equity loans. By using their home equity, they can upgrade their home, potentially increasing its overall value.
Debt Consolidation
Consolidate high-interest personal loans with a low or no fee home equity loan. You could save money over time with a lower APR if you have substantial home equity.
Invest in a Business or Property
A home equity loan allows access to a significant sum of money without using personal savings or taking out an expensive small business loan. It can also be used for investment property down payments.
Fund Higher Education
A home equity line of credit or HELOC typically offers lower interest rates than personal loans. You could consider using a home equity loan for education expenses to save money.
Learn about HELOC and Home Equity Loans
So you're finally ready to fix up your home and add to its value. You have an important decision to make: what makes more sense - a home equity loan or a home equity line of credit?
Find out more about Home Equity loans
