Put the equity in your home to work—or play
Home equity loans are secured against value that you’ve built up in your home: meaning your down payment, what you’ve paid toward principal in your monthly mortgage payments and home appreciation. They typically come with lower interest rates than unsecured loans.
You can use home equity loans for anything you like, from home improvements to travel or education costs. We offer two ways to tap your home equity: a fixed-rate loan for a set amount, and a variable rate line of credit.
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Home Equity Loan
This is our standard fixed-rate loan that’s secured by your home. It’s also known as a second mortgage. You borrow a lump sum all at once, and your monthly payment never changes for the life of the loan.
Home equity loans are great if you know exactly how much cash you need. You can use the loan for anything—but if you use it for home improvement, you can deduct the interest from your income tax (please consult your accountant).
Home Equity Line of Credit
A home equity line of credit (HELOC) lets you borrow what you need, when you need it; you only pay interest on the money you withdraw within the first 10 years. These loans are great for ongoing projects. The interest rate varies based on market rates.
To see today’s home equity rates, please click here.