Home Equity Loans (HELOCs)
What could you do with a little extra cash?
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Make home improvements, finance a child’s education, pay off credit card debt, take a vacation, and much more – simply by putting your home to work for you!
Home Equity Lines of Credit
Revolving credit line for maximum flexibility
Home Equity Loans (Second Mortgages)
Lock in a low fixed rate with this one-time purpose loan
| Home Equity Line of Credit | Home Equity Loan (Second Mortgage) |
|
|---|---|---|
| Features | Revolving line of credit available to use whenever you need | One-time lump sum, fixed rate |
| Good For.. | College education, remodel, vacation or ongoing projects where additional funds may be needed throughout the project | One-time expenses, for a variety of projects with a fixed budget, debt consolidation |
| Access | Withdraw funds when you need it, just transfer funds to your checking account | One lump sum disbursed at loan opening |
| Need Equity | Yes | Yes |
| Loan To Value | Loans up to 90% of the available equity in your home | Loans up to 90% of the available equity in your home |
| Rates | Variable Rate | Fixed |
| Payments | Interest only or principal & interest | Principal & interest |
| Product Option | Available on owner-occupied & non-owner occupied properties (restrictions apply) | Available on owner-occupied & non-owner occupied properties (restrictions apply) |
| Tax Deductibility | Yes; consult with your tax advisor | Yes; consult with your tax advisor |
| Loan Application Fees | $0 | $0 |
| Annual Fees | $0 | N/A |
| Prepayment Penalties | $0 | $0 |