Take advantage of the equity you’ve built up in your home.
Use the hard-earned equity you’ve built up in your home. Remodel your home, pay for college, take a vacation, consolidate debt, and more. Home equity loans and home equity lines of credit can provide the cash you need to make it all possible. Both loans use the equity in your home - compare the options below to learn which one is the right fit for your needs.
| HOME EQUITY LINE OF CREDIT | HOME EQUITY INSTALLMENT LOAN | |
|---|---|---|
| Interest Rate Type | Variable—adjusts with Wall Street Journal Prime Rate | Fixed for the life of the loan |
| Best Used For | Home repairs and renovations, debt consolidation, tuition, medical bills, or an emergency fund | Refinancing and replacing your current mortgage to lower your monthly payment or to pay-off your home loan sooner |
| Accessing the funds | Withdraw the funds as needed | Full loan amount is drawn at closing |
| Collateral | Uses your home as collateral | Uses your home as collateral |
| Repayment | You pay on the balance you owe; monthly payment can fluctuate, triggered each time you draw on the loan | Monthly payment stays the same for the life of the loan |