Home Equity Loans / Second Mortgage Loans

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

A Home Equity Loan allows you to receive a lump sum of money and have fixed payments for a set amount of time. With a HELOC, you can draw funds up to a predetermined limit, much like a standard credit card.

Difference between a HELOC and a Home Equity Loan

Home Equity Loans/Second Mortgages

Our home equity loans are another great way to tap into your home's equity. They work great for consolidating debt and just about any other purpose. The interest rate is fixed so there is no need to worry about payment fluctuations.

Here are some more details:

  • Financing up to 90% of the appraised value of your home (less your 1st mortgage or other superior liens)
  • Fixed Interest Rate
  • Up to 15 year term
  • Interest may be tax deductible (See your tax adviser for details on your situation)
 
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