Home Equity Loans
Cash in on the equity you’ve built up.
Cash from home equity can go a long way toward a big purchase or one of life’s curveballs. You can tap your home equity for any reason – major renovations or unexpected car repairs, to name two.
Home equity line of credit (HELOC)
How do HELOCs work? First, since it’s a revolving line of credit based upon the equity you have in your home, you can access the funds as needed over time. Then you pay interest only on the amount you use.
Best used for:
- When you need continuous access to the funds
- Home improvement, including energy-efficient upgrades and Accessory Dwelling Units (ADU)
- Debt consolidation
- Payoff student loans
- Other unexpected purchases for your home
Choose one of two options:
- Interest-Only – Pay interest-only during the draw period with up to 15 years to repay it.
- Traditional HELOC – Pay both principal and interest
Features and Benefits:
- Loans from $10,000 – $250,000
- Make advances, repay, and advance again as needed
- No upfront costs or annual fees1
- Pay interest only on the amount you borrow
- Lower initial monthly payments
- Convenient online access to your line 24/7
Fixed-rate home equity loan
Have a specific purpose for borrowing against your home equity? Consider a fixed-rate home equity loan you repay over time in equal monthly payments, just like a mortgage. This option lets you borrow only as much as you need, perfect for one-time expenses: like covering a tuition payment, paying off high-interest credit cards, or even taking advantage of a real estate investment.
Best used for:
- Single projects or expense with fixed costs
- Accessory Dwelling Units (ADUs), or larger home improvement projects
- Pay off large amount of debt at lower rate
- Other large or unexpected purchases for your home
- Fund an investment or vacation home purchase
Features and benefits:
- $10,000 to $250,000 limit2
- 10- or 15-year terms1
- Loan is paid off on a set repayment schedule
- Fixed rates that can protect you from market changes
- Cash up front in one lump sum
- Easy budgeting with a fixed monthly payment