Home Equity Line of Credit

A home equity line of credit is a form of revolving credit in which your home serves as collateral. Think of it as a credit card that is secured by the equity in your home. Many homeowners use these credit lines for major items such as debt consolidation and home improvements.

Loan Features :

• Flexible access to funds
• Potential tax advantages
• Draw only what you need, when you need it
• Only pay interest on what you borrow
• Low Closing Costs

Home Equity Installment Loan

A home equity loan enables you to borrow money in a lump sum against the equity you have built up in your home. Buyers commonly use a second mortgage to replace the need for Private Mortgage Insurance for purchases with less than 20% down payment. Home equity loans are often used to pay off higher rate debts, buying a car or making renovations to a home.

Loan Features :

• Predictable fixed payments
• Possible tax advantages
• Get cash fast at low rates
• Lower closing costs