Borrowing from the equity in your home is a great way to pay off high-interest debt, make home improvements, pay tuition, or provide a source of funds for unforeseen or emergency expenses.
Featuring low interest rates, little or no closing costs, and potential tax advantages, a Home Equity Line of Credit or a Home Equity Loan are both great options for homeowners. Which option works best for you?
*After the initial 6 month introductory period, the interest rate will be Prime Rate as published in the Wall Street Journal minus 0.50%, currently 7.00% as of 3/13/25 with an APR of 7.00%. After 6 months, the rate will be variable and may increase. The maximum APR is 18%. The minimum APR is 3.75%. Rates are for owner-occupied properties only. Maximum loan-to-value (LTV) is 80%. Processing fee of $199 will apply if line of credit is approved and closed. Borrower-paid drive-by appraisal required for loans between $250,000-$399,999. Borrower-paid appraisal required for loans equal to or greater than $400,000. Other closing costs may vary based on the line of credit amount requested. Property insurance is required. Offer may be rescinded at any time.
Home Equity Borrowing Options
Accessed as needed, a Home Equity Line of Credit provides a 10-year window to draw funds for use as needed, followed by a 15-year repayment period. During the 10-year draw period, borrowers are required to make interest only payments, which is helpful for cash flow and budgeting.
- Flexibility to access line as needed
- Interest-only payments
- Potential tax advantages*
View Current HELOC Rates & Apply >
Contact Our Residential Lending Team >
*Consult a tax advisor to determine your situation
A Home Equity Loan is a fixed rate, fixed-term installment loan. Regular principal and interest payments are required each month. Home Equity Loans are a great way to refinance a higher interest first mortgage given the low rates and little or no closing costs.
- Fixed rate and fixed monthly payments ideal for budgeting
- Great option for refinancing a first mortgage
- Potential tax advantages*
View Current Home Equity Loan Rates & Apply >
Contact Our Residential Lending Team >
*Consult a tax advisor to determine your situation
