For most, a home is your largest financial investment. And if it’s worth more today (the appraised value) than what you owe on your mortgage (your loan’s balance), you’ve got equity you may be able to use. There are even potential tax advantages. The key is to borrow smartly and sensibly based upon your current and future needs.
We offer two options, each with different features and benefits. Typically, a home equity line of credit (HELOC) is used for smaller, shorter-term expenses; while a home equity loan is used for larger, longer-term financing needs. Learn more about each one or contact a mortgage lender to help determine what’s right for you (and your equity).
Use for emergencies, medical expenses, or short-term financing needs, a HELOC is a revolving line of credit that provides a flexible lending solution similar to a credit card.
Use for planned expenses, debt consolidation, education, or larger financing needs, a Home Equity Loan is an installment loan that provides a consistent lending solution.
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