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Home Equity Loan

A Smart Way to Borrow

Have a large expense or project? The best way to pay for it may be right under your feet: in your home’s equity. For bigger home improvement projects, debt consolidation, or paying a large bill like a wedding, a Home Equity Loan could be the way to Live Smarter. 

What is Home Equity?

If you own a home and have paid off a large enough portion of the principal, you’ve built up equity. Equity is simply the difference between what your home is worth and the amount you still owe on it. For example, if your home is worth $200,000 and you still owe $150,000, you have about $50,000 in equity. You may be able to take out a home equity loan and borrow against that equity, in some cases for more than your home’s current appraisal. We also provide you with friendly, personal, local service.

Older couple discusses home improvements they’ll pay for with a home equity loan

Home Equity Loan vs. Home Equity Line of Credit (HELOC)

While a home equity loan is a fixed loan with a set payment schedule, a HELOC is a revolving line of credit with a variable interest rate from which you can draw. A HELOC is more practical for purchases that are made a smaller amount at a time, like one-at-a-time home projects. Thinking about applying for a HELOC?

HELOC: Learn More

Which is better for your needs? Like many decisions, the answer is, “it depends.” After reading about both, if you’re not sure what will work for you, we can help you see if you meet the qualifications, and which home equity option would be better for you and your needs.


Using a Home Equity Loan

You may have heard home equity loans referred to as “second mortgages.” A second mortgage, as an option, can be combined with your original mortgage for a simpler monthly payment with a fixed rate. With a home equity loan, you get the entire amount for the loan when you take it out, so it’s often better for larger, one-time purchases like furniture, or to pay off expenses, like an upfront college expense. Among the benefits of a home equity loan: it could have tax benefits depending how it’s used. We can help answer common questions about topics like using home equity to purchase a new home, or using home equity to pay off credit cards.

While a home equity loan or line of credit can be used for just about anything, the top uses in our area are primarily:

  • Debt consolidation

  • Home improvement

  • Upfront college expenses

  • Investment properties



Home Equity Loan Rates

We help you choose the right home equity loan or line of credit, with competitive loan rates, and discuss how current home equity interest rates may affect your decision. Your rate can depend on several factors, including your credit score, the amount of equity available, whether you decide to include certain options with your loan, whether your property is a first lien property, and others. We provide you with a credit review, look at your property and current equity available, present your options, and if you qualify, provide you with a low rate loan or line of credit. We offer:

  • Fixed and variable rate home equities

  • 24/7 account access

  • Escrow options on 1st lien properties

  • Possible tax benefits (consult your tax advisor)

  • Rates generally lower than other loan types or credit cards


Home Equity Calculator

Start with our calculator below to perform home equity loan calculations, and get an idea of how much could be available to you. Enter your principal amount, the current home equity loan rate, and the number of payments for a breakdown of the monthly payment amount and total interest. You can also explore the many home equity options available to you through First Source, our current terms and rates, and disclosures. This is meant to be simply an overview; one of our Financial Service Representatives can explain all the details, including our Home Equity Loan process, and answer any questions you have.


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Get started with a Home Equity Loan or call 315-735-8571 to talk about your options.

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Which home equity option is right for you?

Check out our helpful loan comparison calculator.


Home Equity Comparison Calculator

*Federally insured by NCUA. Membership and credit requirements apply. Rates and terms determined by overall credit history and subject to change.