| | Home Equity Line of Credit | Home Equity Loan |
What is it? | It is a line of credit based on the equity in your home that you can use for whatever you like, whenever you choose. | It is a loan based on the equity in your home. You get the money all at once and then pay it back in easy, fixed monthly payments. |
Who's it for? | You have one time and/or ongoing financing needs. | You have one time financing needs. |
A great option if you... | You want the option to receive cash all at once but also want the flexibility to us your credit anytime for any expense. | You want to receive a one-time cash payout with fixed payments and don't need help with ongoing financing needs. |
| Variable Rate
-tied to prime |  |
| | Fixed Rate | |
|
Payment Options | - Automatic deduction available
- Percent of balance
- Fixed amount
| - Automatic deduction available
- Fixed monthly payments
|
Application Fee | $0 | $0 |
Processing Fee | $0 | $0 |
Closing Cost | $0 | $0 |
Prepayment Penality | None | None |
Maximum Term | 10 Year Draw Period | Up to 20 Years |
Tax Deductible Interest | Yes* | Yes* |
