Home Equity Loan
A home equity loan provides a lump sum with a fixed rate and predictable monthly payments. Often referred to as a second mortgage, it’s ideal for large, one-time expenses like home renovations, weddings, or consolidating debt.
When approved, you receive the full loan amount upfront, making it a strong option when you know exactly how much funding you need.
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit that allows you to borrow as needed, when you need it. With flexible access and repayment, it works well for ongoing expenses like home improvement projects completed over time.
Like a credit card, you can draw from your available balance, repay it, and use it again during the draw period.