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With a fixed-rate home equity loan or a flexible line of credit (HELOC), you can convert your equity into cash for just about any goal. Consolidate debt, tackle home improvements, or cover life’s other big moments—all without changing your current mortgage.
Managing your loan is easy. Use our free online banking and mobile app to check balances, make payments, and more—anytime, anywhere.
Whether you’re planning a renovation, covering expenses, or consolidating debt, we’re here to help.
Save even more with rates lower than most credit cards or personal loans.
Only pay interest on what you borrow with a HELOC—and reuse funds when needed.
Use your funds for home improvements, and your interest may be tax deductible.
Explore answers to common questions from homeowners like you, so you can move forward with confidence.
Home equity is the value of your home minus what you owe. Think of all the mortgage payments you’ve made over the years, the work you’ve done to fix up your home, and the increased value of your property. That’s the built-up equity that you can borrow from without needing to sell your house.
With a home equity loan, you get your cash in one lump sum and pay it back in fixed installments over a set period of time. You might prefer a home equity loan if you know exactly how much money you need or you want steady, predictable repayments.
HELOCs work more like credit cards – you receive a line of credit that you can draw from up to a specific amount to pay for just about anything. You pay back what you’ve borrowed, usually in monthly installments. You can pay off your balance in full to avoid interest charges, or you can pay the minimum amount due and accrue interest.
A HELOC is secured using your house as collateral, while credit cards are typically unsecured. This means that HELOCs often offer lower rates and more flexible terms than credit cards; however, paying back your HELOC is important since your property acts as collateral.
Home equity can be a smart choice for large, ongoing or unexpected expenses. Common uses include major home renovations, debt consolidation, college tuition, or starting a business. HELOCs work great as emergency funds, too. Get your HELOC set up and know you have immediate cash available whenever you need it – and don’t pay any interest charges unless you use it.
