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Home Equity Loans & Lines  Home Equity Uses Loan or Line?
Current Specials Calculate Home Equity Credit Report Contact a Lender
Loan or Line?What’s the difference between a Home Equity Loan and a Home Equity Line of Credit? Use this handy comparison chart to decide which one works best for you.
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Home Equity Line of Credit |
Home Equity Loan |
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How do I receive the funds? |
You are assigned a credit Line based on the amount of equity you have available and want to borrow. It’s then your choice to access the funds whenever you want or need them, up to your assigned limit. |
You’ll receive all of your funds in one lump sum payment. |
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How does the interest rate compare? |
The interest rate is variable, and is based on the current Prime Rate, as published in the Wall Street Journal. Often, an initial lower introductory rate is offered. This means your monthly re-payment amount may vary. |
The interest rate is fixed for the entire term of the Loan. This means your re-payment amount will be the same each month. |
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How are payments handled? |
We can easily set up an automatic payment schedule for you. |
We can easily set up an automatic payment schedule for you. |
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What are the fees or closing costs? |
$0
As long as you have any type of Deposit account with us (like a Checking, Money Market, or CD) |
Approximately $450 |
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What is the minimum Loan or Line amount? |
$10,000 |
$10,000 |
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What is the maximum I can borrow? |
You can borrow up to 85% of your home’s current market value. |
You can borrow up to 85% of your home’s current market value. |
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How do I access these funds? |
You can access your Line of Credit through:
- Free Online Banking
- Free Home Equity Checks
- Free Telephone Banking
- ATMs
- At the Teller Line
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You’ll receive a single check for the total Loan amount.
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Hopefully, this chart has helped you decide which option is best for you. If you need more information or would like to get started with Home Equity Loan or Line, Contact a Lender today!
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