Home equity line of credit or home equity loan
Put Your Home Equity to Work.
Whether you own your primary residence or an investment property, your home equity may offer financing options to help you achieve your goals.
A HELOC or home equity loan may allow you to access equity without replacing your existing first mortgage, depending on the property, lender, and program.
Let's explore the options that may fit your situation
Which Home Equity Option Fits Your Needs?
HELOC: Flexible Access to Funds
A Home Equity Line of Credit (HELOC) is a revolving credit line that allows you to draw funds as needed, up to an approved limit.
A HELOC may be a good fit if you:
- Want flexibility to access funds over time
- Have ongoing or unexpected expenses
- Prefer to borrow only what you need, when you need it
Rates may be variable or fixed, depending on the program. Draw periods, repayment terms, and availability vary by lender.
HELOAN: A Lump Sum with Defined Terms
A Home Equity Loan (HELOAN) provides a specific amount of money upfront, with defined repayment terms and a fixed rate
A HELOAN may be a good fit if you:
- Know how much money you need upfront
- Are planning a major home improvement project
- Want a defined repayment schedule
Rates may be fixed or variable, depending on the program. Loan terms, eligibility, and availability vary by lender.