A home equity loan may be an excellent way to utilize the equity in your home for a variety of reasons. It may be utilized to finance:
- Educational Expenses
- Major purchases such as a boat, car, second home, or once in a lifetime vacation
- Unexpected major medical expenses
- Consolidate high finance charge debts into a lower interest rate loan.
Please use the Home Equity Process to learn more about obtaining a home equity loan.
Our Loan Consultant can find the home equity loan that's right for you and give you quotes on current interest rates and closing costs. Or select the specific home equity loan program that interests you to learn more about our various loan programs.
30/15 Yr Fixed 2nd Home Equity Stand Alone
| Best Choice If:Please contact your Loan Officer for additional assistance. You prefer the stability of a fixed monthly payment throughout your loan term. | Advantages:Your interest rate and monthly payment will not fluctuate during the 15 years of your loan term but will have a balloon payment after. | Disadvantages:Potentially higher interest rate and monthly payment compared to other variable interest rate loan programs. |
Home Equity Line of Credit
| Best Choice If:You prefer to have a revolving line of credit available to access your funds as needed. Similar to a credit card, your monthly payment is determined by the balance of your line of credit and may fluctuate over time. | Advantages:Monthly interest-only ($100 minimum) payments during your initial 10-year draw period, followed by a 15-year fully amortized repayment term. No annual fees and no early closure fee. | Disadvantages:Variable rate tied to the Prime index which may fluctuate with quarterly adjustments. |
Home Equity Line of Credit Promo
| Best Choice If:You prefer to have a revolving line of credit available to access your funds as needed. Similar to a credit card, your monthly payment is determined by the balance of your line of credit and may fluctuate over time. | Advantages:Monthly interest-only ($100 minimum) payments during your initial 10-year draw period, followed by a 15-year fully amortized repayment term. No annual fees and no early closure fee. | Disadvantages:Variable rate tied to the Prime index which may fluctuate with quarterly adjustments. |
15 Year Fixed 2nd Home Equity
| Best Choice If:You prefer the stability of a fixed monthly payment throughout your loan term. | Advantages:Your interest rate and monthly payment will not fluctuate during your loan term. | Disadvantages:Potentially higher interest rate and monthly payment compared to other variable interest rate loan programs. |
10 Year Fixed 2nd Home Equity
| Best Choice If:You prefer the stability of a fixed interest rate, monthly payment and loan term. | Advantages:Your interest rate and monthly payment will be fixed and will not fluctuate during your loan term. | Disadvantages:Potentially higher interest rate and monthly payment compared to other variable interest rate home equity loan programs. |
5 Year Fixed 2nd Home Equity
| Best Choice If:You prefer the stability of a fixed monthly payment throughout your loan term. | Advantages:Your interest rate will be fixed and will not fluctuate during your loan term. | Disadvantages:Potentially higher interest rate and monthly payment compared to other variable interest rate loan programs. |
