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Home Equity
Loans
Set Down Roots With a Home Equity Loan
For many of us, our home is the most valuable thing we’ll ever own, not to mention the biggest. But after years of mowing the lawn and cleaning the gutters, we forget that it’s been appreciating in value. Sometimes a whole lot of value. So when we need to come up with a big chunk of change for college or for a much-needed renovation, we forget how much we may be sitting on.
A Loan Close to Home
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
Home Equity Loans vs. HELOCs
Not sure if you need a Home Equity Line of Credit (HELOC) or a home equity loan? Home Equity Loans provide a lump sum of cash, while HELOCs act as a revolving source of funds, like a credit card.
With a Grow Home Equity Line of Credit, you get a flexible and simple way to pay for the big and small things. Once you have already established equity in a property, you’re then eligible to take out a home equity loan. While a mortgage payment can vary, a home equity loan is a great option if you want fixed, predictable monthly payments to help you stay on track with your home and financial goals.
Choosing The Right Option For You*
Home Equity Loans 15 Year Fixed Home Equity 10 Year Fixed Home Equity HELOC A variable interest rate A fixed interest rate Lump sum of cash Draw money as you need it Can be used for consolidating debt Best choice if: - You are making a one-time purchase or improvement.
- You don't anticipate needing money at a later date.
- You need your monthly payments to remain fixed over the life of the loan.
- You plan on staying in the home long term.
- You would like to pay off the loan balance quickly.
- You do not want to touch your first mortgage loan terms.
- Level principal and interest payments for the full term of the loan.
- No risk that changing market conditions will increase your monthly payments.
- Lump sum of cash.
- Can be used for consolidating debt.
- You want access to a revolving line of funds.
- You plan to do additional projects.
- You need flexibility around when you access the funds.
- You aren’t sure exactly what dollar amount you’ll need.
Advantages - Level principal and interest payments for the full term of the loan
- No risk that changing market conditions will increase your monthly payments
- Lump sum of cash
- Can be used for consolidating debt
- Level principal and interest payments for the full term of the loan.
- No risk that changing market conditions will increase your monthly payments.
- The loan balance will decrease more rapidly than a 15-year second mortgage.
- Lump sum of cash.
- Can be used for consolidating debt.
- A variable interest rate.
- Draw money as you need it.
- Can be used for consolidating debt.
A variable interest rate A fixed interest rate Lump sum of cash Draw money as you need it Can be used for consolidating debt Best choice if: - You are making a one-time purchase or improvement.
- You don't anticipate needing money at a later date.
- You need your monthly payments to remain fixed over the life of the loan.
- You plan on staying in the home long term.
- You would like to pay off the loan balance quickly.
- You do not want to touch your first mortgage loan terms.
Advantages - Level principal and interest payments for the full term of the loan
- No risk that changing market conditions will increase your monthly payments
- Lump sum of cash
- Can be used for consolidating debt
Ready To Take the Next Step?
We know setting down roots takes time, so save yourself the hassle of crunching numbers with our mortgage calculator. Explore your options, rates and next steps for making your house feel like home.
Helping You Find Your Way Home
Lending You a Hand
Our Loan Consultant can help you find out if a home equity line of credit is right for you and give you quotes on current interest rates. Or, select the specific loan that interests you to learn more about our various loan programs.
Put Your Equity to Work With Debt Consolidation Refinance
When you think of getting cash out of your home, you probably think of a traditional Home Equity Line of Credit (HELOC). What you might not think of is using the equity in your home to help you make progress toward paying down debt.
HELOC 101: Making the Most of Your Home’s Equity
If you’re a homeowner, you probably already know that you’re building equity in your home over time. What you may not know is you can use the equity in your home to finance other things.
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What does this mean for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
*Rate and payment examples are based on a $10,000 loan amount for a home equity loan. Rates are based on credit worthiness, loan-to-value (LTV), and occupancy, so your rate may vary. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Loans are subject to credit approval. For specific tax advice, please consult a qualified tax professional.
