Borrow One Lump Sum
Home equity loans are a great option if you need a loan for a special purpose, such as a large retail purchase or consolidation of debt.
The funds are dispersed in one lump sum with a fixed monthly payment, making the process of creating and sticking to your budget easier.
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 Loan vs. Home Equity Line of Credit
|Home Equity Loan
|Home Equity Line of Credit
|Borrows against Equity of Home
|One lump sum
|Advance $250 or more as you need
|Fixed payment (based on rate and term)
|Varies based on terms of program
|Terms of Credit
|60 month or 84 month options
|12 month term, renewed annually