What's the difference between a Home Equity Line of Credit (HELOC) and a Home Equity Loan?
There are many similarities between these two types of home equity financing, but there are also signficant differences. How you plan to use your funds will determine which is a better choice for you. Contact a loan officer and we’ll help you decide which direction to go.
A HELOC variable-rate revolving line of credit puts you in control. Need cash now? Take funds when needed, or get peace of mind knowing your money is available when you need it — use it as a line of credit. You control how much you owe by how much you borrow.
*Or you can choose to pay additional principal as well. It's your choice.
The proceeds of a Home Equity Plus loan are fully disbursed at the loan closing. Principal plus interest payments begin immediately for the term of the loan. This loan is good for amounts known to you and that you want to repay in a specific time period. It is good for the purchase of autos, RVs, ATVs, education expenses and vacations.