Unlock Your Home’s Potential with a Home Equity Loan or Line of Credit
If you’re happy with your current home loan but need extra funds for a major home improvement, debt consolidation, or other significant purchases, a home equity loan or line of credit can provide the cash you need at competitive rates. Leverage the equity in your home to make the things that matter most possible.
| Feature | Home Equity Loan | Home Equity Line of Credit (HELOC) |
|---|---|---|
| Loan Type | Lump sum, fixed amount | Revolving line of credit, flexible withdrawals |
| Interest Rate | Fixed rate | Variable rate (can change over time) |
| Repayment Structure | Fixed monthly payments | Minimum payments with option for larger repayments |
| Payment Term | Set term (typically 5 to 30 years) | Flexible (draw period followed by repayment period) |
| Use of Funds | One-time lump sum for a specific purpose | Ongoing access to funds for various needs |
| Best for | Large, one-time expenses (e.g., home renovations, debt consolidation) | Ongoing or uncertain expenses (e.g., education, emergency funds) |
| Flexibility | Less flexibility once loan is closed | High flexibility with access to funds as needed |
Not sure which option is right for you? Contact one of our Member Service Officers for personalized guidance. We'll take the time to understand your goals and help you find the ideal solution to meet your needs.
Additional Resources: What to Know About Your HELOC | HELOC Disclosure & Important Terms