Unlock the Value of Your Home Equity
Flexible borrowing solutions that allow homeowners to access the equity you’ve built in your homes for renovations, debit consolidation, major purchases, education expenses, and more.
What Is Home Equity?
Home equity is the difference between your home’s current market value and the amount you owe on your mortgage.
As you pay down your mortgage and your home’s value increases, your available equity may grow. A Home Equity Line of Credit or Loan allows you to leverage that equity for important financial needs.
Home equity often provides access to lower interest rates than unsecured borrowing options because your home serves as collateral.
Home Equity Line of Credit or Loan?
| Feature | Home Equity Line of Credit | Home Equity Loan |
|---|---|---|
| Best for | Ongoing expenses, renovations, projects completed over time | One-time purchases or expenses with known cost |
| How Funds Are Received | Access funds as needed up to your approved credit limit | Receive the full loan amount in on lump sum |
| Interest Rates | Typically variable | Typically fixed |
| Payments | Flexible; Payments may fluctuate as rates and balances change | Fixed; consistent monthly principal and interest payments |
| Ability to Reuse Funds | Yes, repay and borrow again up to available limit | No, once funds are used you must reapply for additional financing |
| Collateral | Home equity serves as collateral | Home equity serves as collateral |
| Application Process | Single approval for ongoing access to credit | New application required for additional funds after disbursement |
Common Uses for Home Equity Financing
Homeowners frequently use home equity financing for:
• Home improvements or renovations
• Debt consolidation
• Education expenses and tuition
• Emergency expenses or major life events
Ready to Access Your Home’s Equity?
Access the equity you've built to finance home improvements, consolidate debt, cover education expenses, or help pay for other major purchases.
What You May Need to Apply
You may be asked to provide some of the following items during the application process:
• Income verification
• Mortgage Statement
• Homeowners insurance information
• Two years of residential history
• Two years of employment history
• Statements for any debts being paid off