Home Equity Lines of Credit and Home Equity Loans
As a homeowner, you are able to borrow against a percentage of the equity that you have in your home and can be used for anything you want.
Having a Home Equity Line of Credit allows you to borrow up to the maximum amount of equity that you are approved for. You can withdraw equity by simply writing a check for whatever your needs may be. Credit lines have variable interest rates that will fluctuate over the life of the loan. Once a portion of the line has been paid down, the money automatically becomes available to you again.
A Home Equity Loan, also called a second mortgage, is a loan using your home as collateral. The payments are fixed to a set rate and term. Once any portion of the loan has been paid down you are not able to obtain additional money.
Contact a Loan Officer to get you started and to answer any questions that you may have or apply online.
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