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
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
so there is no need to worry about payment fluctuations.
Here are some more details:
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)