Leverage the equity in your home with financing that fits your goals. Choose a fixed-rate lump sum with a home equity loan, or flexible access to funds with a home equity line of credit (HELOC), depending on what works best for you.
Either option could be a smart way to fund home improvements, consolidate debt, or cover major expenses, backed by competitive rates and flexible terms.
Equity is the difference between your home’s current market value and what you still owe on your mortgage. For example, if your home is worth $300,000 and you owe $200,000, you have $100,000 in equity. This is the value you can potentially borrow against.
A HELOC (Home Equity Line of Credit) is a variable rate option that works similar to a credit card. You can borrow cash as needed, up to your credit limit while you're in your draw period. Our HELOCs have a 10 year draw period followed by a payoff period up to an additional 10 years.
While there are no limitations on how the cash from your equity can be spent, many choose to use it for home renovations, debt consolidation, tuition, and other major purchases. Both loan options are flexible and can be used for a variety of purposes based on your needs.