Home Equity Line of Credit (HELOC)
(Variable Rate)

Fixed Home Equity Loan

Scenario

David and Cherie have a son starting college in the fall. They also have a kitchen that needs remodeling, but aren't sure yet what that will cost. They need a loan that allows them to draw money as expenses arise.

Victor and Kristen want to add an office onto their home. They'd also like to consolidate some credit card debt. They're ready to start both projects and know exactly how much they need to complete them.

Fund Accessibility

Draw funds as needed

Receive entire sum up front

Primary Benefit

Lets David and Cherie borrow only what they need to cover expenses as they come up

Provides a lump sum to cover Victor and Kristen's total costs, with fixed interest rate and payment

Payment Amount

Depends on amount of credit used, current interest rate

Depends on amount borrowed, term and fixed interest rate of loan

Term Of Loan

Flexible loan terms

Flexible loan terms

Interest Rate

Fixed; or adjustable based on prime plus a margin

Fixed for entire term of loan

Available Loan Amount

Based on available equity

Based on available equity