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Home Equity Loan vs Line of Credit

March 13, 2014

Once you’ve owned a house for a few years and built some equity up, you can borrow against it. This type of loan is called a home equity loan or you can take out a home equity line of credit. While often this type of loan is used for major home improvements and renovations, you can actually use it for anything: college expenses, traveling, paying down debt, etc.

Since you’re borrowing against the value of your home, it’s considered a secure loan. Your home is the collateral. Both options are essentially a second mortgage. So what’s the difference?

A Home Equity Loan offers you a lump sum of money up front. You then pay this off over a predetermined period of time as a fixed monthly payment. This option is good for a one-time immediate need, such as building a new deck. The interest rate is almost always lower than a credit card and the interest you pay on a home equity loan is often tax deductible (consult a tax advisor first).

A Home Equity Line of Credit (HELOC) is a revolving line of credit up to a certain amount that you can draw on up to a certain number of years. As you need money over a longer period of time you can pull as you need it. Generally there is a minimum payment due each month, but you can usually pay off as much as you like. Just like the Loan, the interest rate is almost always lower than a credit card and the interest you pay on a HELOC is often tax deductible (consult a tax advisor first). This option is good for ongoing cash needs like college expenses, or many different ongoing renovation projects.

No matter your needs, there is often a home equity option we can help you with.

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Posted in: Loans

Imagine More

March 4, 2014


We want to help you make changes for the better in your life—changes you’ve only imagined, but thought you didn’t have the funds to complete. It’s OK—let your imagination go. We’re here to support you with a home equity loan or line of credit, no matter what your dream.

Posted in: TV

First Source Federal Credit Union Supports Dreamers Everywhere

March 1, 2014

Do you have a dream you haven’t shared yet, or wonder if it’s out of reach? First Source believes that if you have a dream, you deserve a chance to make it come true. First Source supports you, no matter what your dream is. So keep imagining a better life. Go ahead and dream big, and share yours with First Source to get started on making it real. Just ask.

Posted in: Blog, Posts

How Do We Make Mortgages Easier?

March 1, 2013

It’s a fair question: How does First Source make getting a mortgage easier for you? Jasmine Davis, our Senior Mortgage Financial Representative, tells us just how easy it is to get the process started, and get you into your dream home.

We’ll work with you even before you start looking for your new home, to help you determine what you can afford and provide you with a checklist of all the paperwork you’ll need to get started. Once you find a house you love, we’ll take care of all the heavy lifting, and you can rest easy knowing we’re working to get you into your dream home without any worries.

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