Home Equity Loans
- Competitive rates available for a number of uses:
- Remodel your home
- Upgrade your appliances
- Take a vacation
- Consolidate your debt
- And more!
- Approval amount based on equity in home
- Local decision-making
- Use for almost any purpose
- Streamlined application process
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.