Home Equity

We offer a couple different ways to borrow against the equity in your home. Review the table below to see how the options compare.

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  Home Equity Line of Credit (HELOC) Home Equity Loan (2nd Mortgage)
What is it?

You decide when and how much money to advance. You can advance money using a check or online transfer.

You receive all your borrowed funds upfront.


Requires monthly payments of principal and interest equal to 2% of the outstanding principal balance. Paying only the minimum payment may result in a balloon payment due at maturity.

You repay the loan in equal monthly installments of principal and interest over the life of the loan.

Interest Rate

Variable interest rate

Fixed interest rate


5 years

Typically 5 years


You will incur interest expense only on the funds you advanced and only during the time you have funds borrowed.

Once established, you can access the funds at anytime, and if you are set up as an online banking user -- anywhere.

Easy to setup. In most cases, this type of loan can be closed within a few days.

Your monthly payment is fixed and will not change during the life of the loan.

The interest rate is fixed and cannot change for the life of the loan.


Monthly payments increase the more you borrow.

The interest rate can change during the term of the loan.

Because of consumer regulations, these loans require specific waiting periods, which means you may wait 2-3 weeks for the loan to close.