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.
