Home Equity Loan or HELOC?

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Home Equity Loan or Home Equity Line of Credit?

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About Home Equity Loans

Home equity loans are also known as second mortgages. They act literally as a mortgage on top of your existing mortgage. The loan is a fixed rate, and you can choose a 5, 10, 15, 20, 25, or a 30year term. This is the perfect solution for those who love their current mortgage rate, but still, need to use the equity they have earned. 


Home Equity Line of Credit

Home equity lines of credit, or HELOCs for short act as a revolving line, similar to how a credit card works. You make payments every month, and the balance will fluctuate throughout the first 10 years based on how much you pay versus spend. After the initial 10-year period, the HELOC will amortize to a 20-year term. At this point the balance becomes fixed and no more draws can be made.


What one is right for me?

We’ll help you clearly see the differences between loan programs, allowing you to choose the right loan for your goal. It’s your Equity, you earned it, and we will help you unlock it!

Here’s how our equity loan process works:

  • Receive options based on your unique criteria and scenario
  • Compare mortgage interest rates and terms
  • Choose the offer that best fits your needs

How can I use my home's equity?

The short answer is anything you want! It’s your equity, you earned it!

Listed below are some of the most common uses for equity, but remember, the sky is the limit! Don’t hesitate to run any ideas by us, and we will give you our thoughts.

  • Debt consolidation
  • Buying another property
  • You can also start a business
  • Fund a renovation or addition
  • kickstart a college fund or retirement*

*Consult a financial advisor

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