Put Your Home's Equity to Work for You
Access the value you've built in your home. Get a fixed-rate lump sum (HELOAN) or a flexible line of credit (HELOC) for renovations, debt consolidation, or your next big goal.
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What is Home Equity Loan?
Home Equity Loans are a category of financing that allows you to borrow against the equity you've built in your home. Equity is the difference between your home's current market value and what you owe on your mortgage. These loans are secured by your property.
Why Offer Home Equity loan?
Home Equity Line of Credit (HELOC)
A HELOC is best for ongoing projects, uncertain costs, or as a financial safety net:
- Flexibility: You can draw funds whenever you need them during the draw period, repay them, and borrow them again.
- Pay for What You Use: You only pay interest on the outstanding balance, not the entire credit limit.
- Ongoing Access to Funds: Ideal for projects with unknown final costs or as an emergency fund.
Home Equity Loan (HELOAN)
A HELOAN is ideal for large, one-time expenses where you know the cost upfront:
- Predictable Payments: Fixed interest rate makes budgeting easier.
- Lump-Sum Payout: Receive all funds at once — perfect for major expenses or debt consolidation.
- Rate Security: You’re protected from future interest rate hikes.
Some lenders, like Figure, offer the best of both worlds: the flexibility of a HELOC but with the ability to lock in a fixed rate on each amount you draw.
Disclaimer: Guidelines are subject to change. Always verify current program details directly with lenders.
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