Home Equity Options [TEST]
Using the value in your home
Your home is built on memories created with your family, friends, and neighbors. This summer, as you plan to make new ones, you may need funding for that pool, a wedding, college, and more. You may be able to use the value you’ve already built up in your home, your equity, to help. Explore home equity options to fund your new memories.

What’s the Difference Between a Home Equity Loan and a Home Equity Line of Credit (HELOC)? In both cases, you’re borrowing money against the equity in your home, using the home itself as collateral.
Home Equity Loan
A home equity loan is a fixed loan with a set payment schedule. Often referred to as a “second mortgage”, it is an option that can be combined with your original mortgage for simpler monthly payments with a fixed interest rate. When approved for a home equity loan, you get the entire amount of the loan up front, so it’s often better for larger, one-time purchases like a new deck, or to pay off a big expense, like a wedding. Even better, interest on a Home Equity Loan may have tax benefits (consult your tax advisor), depending on what you use it for.
Home Equity Loan: Learn More
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit from which you can draw, with a variable interest rate, and allows for draw period extensions. A HELOC is more like a credit card. Once it’s approved, ;you can decide if and when you want to use any of the money available, and withdraw it from that account. Once you’ve taken some out, you’ll have a repayment due. A HELOC is more practical for purchases that are made a smaller amount at a time, like ongoing renovations. Similar to a Home Equity Loan, interest on a HELOC may have tax benefits (consult your tax advisor), depending on what you use it for.
Home Equity Line of Credit: Learn More

Which is Best for Your Needs?
Like many decisions, the answer is, “it depends”. A larger, one-time-payment project might be better served by a home equity loan, while a long-term project that can be paid a small amount at a time could call for a HELOC. We’ll help you Live Smarter by working with you to determine which is best for you and your needs.
Home Equity Details
Did you know in some cases you can finance more than your home’s current appraisal? We offer both fixed and variable rate home equities, with 24/7 account access. Plus we have escrow options on 1st lien properties; a convenient and hassle-free way to ensure your taxes and insurance are paid on time.
The reason that this type of loan is so appealing is that you may have possible tax benefits (consult your tax advisor) by using your home as collateral, and the rates are generally lower than other loan types or credit cards.
Choose to Live Smarter
If you know how you want to use your home’s equity, it’s time to see if you can put it to work for you. Get started with a Home Equity Loan or call 315-735-8571 to talk about your options.
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