Access Your Home Equity
 

If you've built equity in your home, you may be able to access it for renovations, debt consolidation, major expenses, or other financial needs.
 

Two common options are a HELOC and a HELOAN.
 

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What Is Home Equity?
 

Home equity is the difference between your home's value and your remaining mortgage balance.
 

$500,000 Home Value
– $300,000 Mortgage Balance
= $200,000 Estimated Equity
 

The amount you can access depends on your equity, income, credit, and the loan program.
 
HELOC vs. HELOAN
 

HELOC
 

A Home Equity Line of Credit gives you access to a revolving line of credit. You can borrow what you need and repay it over time.
 

• Borrow as needed

• Reuse available credit as you repay

• Pay interest on the amount borrowed

• Typically has a variable rate
   

Best for: Ongoing expenses, renovations, or projects where you don't know the exact amount you'll need.
 

HELOAN
 

A Home Equity Loan provides a lump sum upfront that you repay over a set term.
 

• Receive funds upfront

• Fixed monthly payments

• Typically has a fixed rate

• Best for a known expense
   

Best for: Large, one-time expenses where you know exactly how much you need.
 
What Can You Use the Funds For?
 

Depending on the program, homeowners may use their equity for:
 

• Home improvements

• Debt consolidation

• Major purchases

• Education

• Other large expenses
   

Which Is Right for You?
 

HELOC: Flexible access to funds over time.
 

HELOAN: One-time lump sum with predictable payments.
 

We'll review your goals and financial situation to help determine which option may be right for you.
 

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Rates, terms, fees, loan amounts, and qualification requirements vary by program. Not all borrowers will qualify. Your home is used as collateral and may be at risk if loan obligations are not met.