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?
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*
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*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 >
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*Consult a tax advisor to determine your situation
