Frequently Asked Questions
There are a few key differences between a home equity loan and a line of credit, including:
- Interest rate—Home equity loans offer a fixed rate for the life of the loan or with a balloon payment dependent upon the loan term. Home equity lines of credit typically offer a variable interest rate option.
- Access to funds — A home equity loan provides you the money in an upfront lump sum and you repay over a defined period of time. On the other hand, a line of credit gives you ongoing access to your available credit. As you repay the balance during the draw period, those funds are made available for you to use again.
- Payment options — Most often, a home equity loan will have fixed payments for the entire term of the loan while a line of credit offers flexible payment options based on the current balance of the loan during the draw period.
You will need to complete an application that contains the following information:
- Property Address
- Photo ID (driver's license or passport)
- Employment and income information
- Current mortgage details
- Amount you wish to borrow
Normal credit approval applies. Certain restrictions may apply.
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