Access your home’s equity–whether it’s to afford tuition, renovate, consolidate debt, purchase a second home or tackle an emergency expense. A home equity loan (HELOAN*) or home equity line of credit (HELOC*) can help you find security wherever life takes you.
Understanding your options: HELOC vs. HELOAN
Get the cash you need by accessing your home’s equity through a HELOC or HELOAN.
A HELOC is a line of credit secured by your home. You can use your revolving credit line for large purchases such as tuition, renovations and emergency expenses.
Since HELOCs rely on your home’s equity, you can’t borrow more than the value of equity in your home, which is the value of your home minus the amount you owe on your first mortgage. HELOC options feature ten years of interest-only payments.
A home equity loan (HELOAN) provides up to 95% of your home’s equity as a piggyback second mortgage. The HELOAN acts as a second mortgage, to do an 80-10-10 or 80-15-5 with a first mortgage up to 80% loan-to-value to piggyback a second mortgage to avoid mortgage insurance or jumbo loan amounts. The HELOAN acts as a second mortgage, where a cash-out refinance transforms your first mortgage into a completely new mortgage. It offers flexible loan terms and fast funding.