Equity is the difference between the current market value of your home and the outstanding balance on your mortgage. For instance, if your home is valued at $600,000 and your loan balance is $300,000, your home equity would be $300,000.
A Home Equity Line of Credit (HELOC) is a flexible loan option that allows you to borrow against the equity in your home, secured by a second mortgage. You can access funds as needed, up to the agreed-upon limit, and use them for a variety of purposes. The key benefit of a HELOC is that you only pay interest on the amount you borrow, not the full line of credit.
*The Product/Program information contained here is educational only and does not represent actual rates or financing terms.
* Other conditions and restrictions may apply. Available programs are subject to change without notice. Contact your loan officer for more information.