If your home is worth more than you owe on it, its equity can secure you a loan for many needs, such as funding a home improvement project, appliance purchase, medical emergency and more.
To access your home equity, you have two options: a Home Equity Line of Credit (HELOC) or Home Equity Loan.
Home Equity Line of Credit – This works more like a credit card. You can borrow up to a certain amount and withdraw the money as you need it. As you pay it back, your credit revolves and you can use it again.
Home Equity Loan – This is a loan in which your home is used as collateral and we advance you the total loan amount upfront.
Another option is to take advantage of our FlexLine Rate Lock. This lets you lock part of your line into a fixed rate with a term and fixed payment schedule (see the chart on the left).