Our home equity loans and lines of credit offer financial convenience. What is better, a home equity loan, or a line of credit?
With both products you are borrowing against the equity in your home, but there are key differences between the two. A home equity loan gives you a lump sum of money at one time, you then pay that amount back over a certain period of time. A home equity line of credit which is referred to as a HELOC loan, gives you a certain amount of money that you are able to draw from, pay back, and continue to use over a period of time. HELOC’s are convenient as they allow you to take what you need as you need it. HELOC’s also allow you to access the equity in your home simply by writing a check, via online banking or making a phone call to Deerwood Bank. With the flexibility of a home equity loan or HELOC, you can use these funds to purchase a vehicle or boat, finance an education, or tackle those home improvement projects that you have been dreaming about. Once your line of credit is in place, you can borrow from it, time and time again. Interest may be tax deductible, so consult with your tax advisor for possible tax advantages.
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The accuracy of this calculator depends on your input and its applicability to your circumstances is not guaranteed. Results should be discussed with a qualified professional before any product purchases or loan commitments are made.
Frequently Asked Questions
Check out this handy informational guide to home equity lines of credit.
Check out this handy Home Loan Toolkit to find out more.
In some circumstances, we can use your county’s estimated market value in place of an appraisal to save you time and money. Consult a mortgage specialist today for more information.