What is a Home Equity Loan (HELOAN)?

A Home Equity Loan is secured by the equity in your home with a second mortgage. The Home Equity Loan is a fixed rate and fixed monthly payments. One of our mortgage specialist will be with you through the process of determining the amount you may borrow by considering the amount of equity in your home.

What is a Home Equity Line of Credit (HELOC)?

A Home Equity Line of Credit is a flexible line of credit secured by the equity in your home. Home equity lines of credit often have more flexible repayment terms than a standard home loans. Home equity lines of credit can offer interest-only payment terms or outstanding balances that can be repaid using a variety of repayment strategies. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card. This means you can borrow against it again if you need to, and you can borrow as little or as much as you need throughout your draw period (typically 10 years) up to the credit limit you establish at closing. At the end of the draw period, you must pay the entire outstanding principal, interest, and any other charges then due.