Home equity products let you tap into the value you've built in your home. Whether you need funds for home improvements, education, debt consolidation, or major expenses, we'll help you choose between a home equity loan and a HELOC.
Home Equity Loan vs. HELOC
- Home Equity Loan: A lump-sum payment with a fixed interest rate and regular monthly payments. Ideal for one-time expenses with a known cost.
- HELOC: A revolving line of credit with a variable rate. Draw funds as needed during the draw period, then repay during the repayment period. Ideal for ongoing projects.
Common Uses
- Home improvements and renovations
- Education expenses
- Debt consolidation
- Major purchases (wedding, vehicle)
- Emergency expenses
Who Qualifies?
Home equity products typically require a minimum credit score of 620, sufficient home equity (usually at least 15-20%), and a debt-to-income ratio below 43%.
Tax Benefits
Interest on home equity loans may be tax-deductible if the funds are used to buy, build, or substantially improve your home. Consult a tax professional for your specific situation.
Contact us to evaluate your home's value and calculate your available equity.