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Learning to leverage your home's equity is a great way to boost your quality of life, secure investment opportunities, and enjoy milestone events. However, you may not necessarily be aware of all your options or what it means to use your equity to secure a high-value loan.
Home equity loans are excellent lending options if you are looking to finance a large one-time event, such as a wedding, vacation, or vehicle purchase.
Some additional features that accompany the withdrawal of a home equity loan include:
Unlike a home equity loan, a HELOC is a revolving line of credit that offers both fixed and variable interest rates. This equity option provides funds where and when you need them and are used to finance events with uncertain time frames or price points.
You would choose to take out a HELOC if you were planning to finance your child’s college tuition, remodel your home, or complete a large-scale project over time.
Benefits of a HELOC include:
A: Home equity rates are based on several factors, including your credit score, the Prime Index, and the loan to value (LTV) ratio present in your home.
A: Home equity loans are secured using your home as collateral. Further, some tax-deductible options do exist for qualified lenders. Personal loans do not offer either of these perks.
*Annual Percentage Rate (APR). Home Equity Line of Credit is a variable rate. Home must be under 80% Loan-to-Value (LTV). Rates valid as of February 7, 2023. This is our best rate; your rate may be different depending on credit score and underwriting criteria. Rates and offer are subject to change. Membership eligibility is required.