Borrow as You Need the Money
HELOCs are flexible credit lines that allow you to use the equity in your home for immediate spending.
They can be used to cover unexpected expenses, such as college tuition or a long-term home improvement project. Withdraw the funds when you need them, and as you repay, the available credit is replaced for you to use again without having to fill out new paperwork.
The chart comparing Home Equity Lines of Credit with Home Equity loans is based on these loans being tied to your primary or secondary residence. To learn what features change when borrowing against an investment property, contact us.
Home Equity Line of Credit vs. Home Equity Loan
|Home Equity Line of Credit
|Home Equity Loan
|Borrows against Equity of Home
|Borrow $250 or more as you need
|One lump sum
|Varies based on terms of program
|Fixed payment (based on rate and term)
|Terms of Credit
|12 month term, renewed annually
|60 month or 84 month options