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?

Explore your options, rates and next steps for making your house feel like home.

Product	Interest Rate	APR	Monthly Payment^*
Standard HELOC	As low as 8.500%	As low as 8.500%¹	$1,500
Interest-Only HELOC	8.500%	8.500%²	$708
10-Year Fixed Home Equity	9.250%	9.669%³	$1,280
15-Year Fixed Home Equity	9.375%	9.683%³	$1,037

Interest Rate	As low as 8.500%
APR	As low as 8.500%¹
Monthly Payment^*	$1,500

Interest Rate	8.500%
APR	8.500%²
Monthly Payment^*	$708

Interest Rate	9.250%
APR	9.669%³
Monthly Payment^*	$1,280

Interest Rate	9.375%
APR	9.683%³
Monthly Payment^*	$1,037

^*The payment does not include taxes and insurance; therefore, the actual payment obligation will be greater. Payment based on a $100,000 loan amount. Rates are effective as of 04/13/2025 and are subject to change.

¹Home Equity Lines of Credit (HELOCs) are variable rate lines. Rates are based on creditworthiness and subject to change. The Annual Percentage Rate (APR) range for this product is 8.50%-9.50%. The term of the loan is 20 years, 10-year draw and 10-year payback. Minimum payment will not repay principal, which will result in a higher principal and interest payment at the 10-year draw. The rate is a variable rate indexed to the Wall Street Journal’s Prime Rate plus a margin and is adjusted every six months. The rate will never go below 6.00% and the maximum APR shall not exceed 18.00%. The Wall Street Journal Prime Rate is 7.50% as of 12/19/24. Minimum loan amount is $7,500. HELOC products are available in the following states: Florida, South Carolina, North Carolina, Georgia, Tennessee and Alabama. The line-of-credit must be secured by your home, which must be owner occupied and a single-family residence, excluding manufactured homes. Fees range from $700 to $1,500. Property insurance is required, and if applicable, flood insurance will be required.

²Home Equity Lines of Credit (HELOCs) are variable rate lines. Rates are based on creditworthiness and LTV. The term of the loan is 20 years, 10-year draw and 10-year payback. The rate is a variable rate indexed to the Wall Street Journal’s Prime Rate plus a margin and is adjusted every six months. The rate will never go below 6.00% and the maximum APR shall not exceed 18.00%. Minimum loan amount is $7,500. Applicants who choose an interest-only HELOC may experience significant monthly payment increases when the line of credit enters the repayment phase. HELOC products are available in the following states: Florida, South Carolina, North Carolina, Georgia, Tennessee and Alabama. The line of credit must be secured by your home, which must be owner occupied and a single-family residence, excluding manufactured homes. Fees range from $700 to $1,500.00. Property insurance is required, and if applicable, flood insurance will be required.

³Minimum loan amount is $7,500. A minimum down payment of 5% is required. Down payment requirements may vary depending on the property type, loan purpose, LTV or other factors. Your rate is based on your creditworthiness and LTV. Mortgages are available in the following states: Florida, South Carolina, North Carolina, Georgia, Tennessee and Alabama. The mortgage must be secured by your home, which must be owner occupied and a single-family residence, excluding manufactured homes. Property insurance is required, and if applicable, flood insurance will be required.

All loans are subject to credit approval.

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.

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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.