Unlock the savings in your home. If you need cash to remodel your kitchen or bath, a home equity loan might be your best bet. These loans let you borrow money using the equity in your home as collateral. You borrow a lump sum of money repayable over a fixed term, usually 5 to 15 years, giving you the security of a locked-in rate and a consistent monthly payment. Unlike almost any other consumer loan type, the interest on a home equity loan may even be tax-deductible in some cases when the money is used on home improvements.
In addition to home improvements, home equity loans can be used for a variety of purposes, including: education expenses, debt consolidation, medical expenses, purchasing a car, boat or RV, and many other reasons.
Whether it’s home improvements, a major purchase or debt consolidation, your home’s equity can be a smart financial resource for any project or purpose.
Classic Home Equity Loan
A home equity loan is a good option when you have a large expense and know exactly how much money you need. Your payment will stay the same every month and you’ll know exactly when it will be paid off.
Home Equity Line of Credit
A home equity line of credit (HELOC) gives you the flexibility you need to draw funds as you need them up to your available credit limit. As you pay down the principal balance, your available credit increases. There are no annual fees and your funds are easily accessible from digital banking. Classic or interest-only options are available.
HELOC Highlights:
Talk to one of our home loan consultants for more details about our home equity loan products.
We also offer Home Equity Loans on Second Homes and Investment Properties
*Rates are variable and subject to change. Your Annual Percentage Rate (APR) may differ from the one shown and will be based on your credit worthiness and loan to value. Rate may not exceed 18% at any time. Property and/or flood insurance may be required. Terms, rates, and conditions are subject to change without notice. **Maximum loan amount is $250,000 for CLTV above 80%, but not exceeding 95% with mortgage insurance approval. Maximum loan amount is $300,000 if CLTV is 80% or less. Investment and rental properties cannot be vacant. ***Please consult your tax advisor.