Home Equity Options
Home Equity Installment Loan
A Home Equity Loan is a traditional closed end loan often referred to as a second mortgage. The borrower receives a one-time lump sum to be repaid over a fixed term and interest rate. Monthly payments remain the same throughout the lifetime of the loan.
Home Equity Line of Credit
Commonly referred to as HELOC, this is a line of credit available for a set length of time. Money is issued by check or draw and can be used as needed. Funds come with an interest-only draw period. Money owed must be repaid before or at time of selling your home.