Comparison
Which Home Equity product is best for you?
| Description | Home Equity Loan | Home Equity Line of Credit (HELOC) |
|---|---|---|
| Helpful If | You need a specific amount right now | You need money over time |
| Possible Uses |
One-time expenses like:
|
Ongoing expenses like:
|
| How it Works | Borrow up to 90% of your home’s equity and receive all the money at signing | Borrow money as you need it up to your line of credit limit |
| Rate Type | Fixed | Variable |
| Available Terms | 120-240 months | 5 year draw period followed by 10 year repayment period |
Help Deciding
Which Home Equity product is best for you?
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We recommend Roadrunner Checking
Roadrunner Checking is a free, no-hassle account.
We recommend Roadrunner Checking
Roadrunner Checking is a free, no-hassle account. Plus, you'll get a few more perks since your between 18 and 25.
We recommend Zia Checking
Zia Checking is an account that pays dividends and offers a lot of perks.
We recommend Zia Checking
Zia Checking is an account that pays dividends and offers a lot of perks. Plus, if you're 55 or over, you get extra perks.
We recommend Fresh Start Checking
Fresh Start Checking is an account offers a second chance for people who may have had issues with checking accounts in the past.
Based on what you are saying, a Home Equity Line of Credit may be the right solution for you. It offers the flexibility to pay multiple companies over a period of time.
Based on your situation, a Home Equity Line of Credit may be your best bet. It offers the flexibility to pay other loans off over a period of time as you receive bills, instead of having to calculate one lump sum at once.
Based on your situation, we recommend obtaining a Home Equity Line of Credit. You will have access to cash if you need it in the event of an emergency. You will pay no interest unless you actually need it.
Based on your situation, a Home Equity Loan would benefit you. When you have a small number of bills or people to pay, or when you know the amount, the set, fixed rate is ideal.
Based on your situation, a Home Equity Loan would benefit you. When you have a small number of bills and you know the amount right now, the set, fixed rate is ideal and you will have one low payment to manage.