Q: How are the interest rates of home equity options established?

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.

Q: What is the difference between a home equity loan and a personal loan?

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.

Home Equity Options

Your Home, Your Equity, Your Story.

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

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:

Fixed interest rates
Set monthly bills
Lump-sum payout
Long repayment terms

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Home Equity Line of Credit (HELOC)

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:

Lengthy withdrawal period
Loan to value (LTV) ratios according to your mortgage and home value
Low variable APR rates

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Easy and Fast

Fast approvals

Infinite Uses

Improvements, repairs and more

Confidence

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