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

Comparison table of home equity loans vs. HELOCs
Home Equity Loan Home Equity Line of Credit
Borrows against Equity of Home
Yes Yes
One lump sum Advance $250 or more as you need
Fixed rates Variable rates
Monthly Payment
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
Next Steps
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