Home Equity Line of Credit
Details
- Competitive rates available
- Approval amount based on equity in home
- Funds available anytime without reapplying; apply once, then use repeatedly thereafter
- Revolving credit – as principal is repaid, more becomes available for use
- Funds easily available via in-person, online, or phone transfers to a specified Guaranty Bank checking account
- Local decision-making
- Use for almost any purpose
- Streamlined application process
Home Equity Loan vs. HELOC
Undecided about whether to choose a home equity loan or line of credit (HELOC)? Check out the chart to compare each side by side.
| Account | Home Equity Loans | Home Equity Line of Credit |
|---|---|---|
| Flexible Uses | Debt consolidation, home improvement, major purchase | Debt consolidation, home improvement, college education, vacation |
| Loan Amount | Up to 100% of the equity in your home | Up to 100% of the equity in your home |
| Payments | Fixed monthly payment* | Variable monthly payment |
| Interest Rate | Fixed rate | Variable rate that follows the market |
| Term | Up to 10 years | 10 year draw period and up to 20 year repayment period |
| Fees | $100 Origination fee | None |
*Loans with a Combined (including prior mortgages or liens) loan to value (LTV) of 90.01%-100% have the option of payment based on a 240 month amortization schedule with a balloon payment due at the end of ten years.